Recently, great interest has been aroused in flexible/bendable electronic equipment such as rollup displays and wearable devices. As flexible energy conversion and energy storage units with high energy and power density represent indispensable components of flexible electronics, they should be carefully considered. However, it is a great challenge to fabricate flexible/bendable power sources. This is mainly due to the lack of reliable materials that combine both electronically superior conductivity and mechanical flexibility, which also possess high stability in electrochemical environments. In this work, we report a new approach to flexible energy devices. We suggest the use of a flexible electrode based on free-standing graphene paper, to be applied in lithium rechargeable batteries. This is the first report in which graphene paper is adopted as a key element applied in a flexible lithium rechargeable battery. Moreover graphene paper is a functional material, which does not only act as a conducting agent, but also as a current collector. The unique combination of its outstanding properties such as high mechanical strength, large surface area, and superior electrical conductivity make graphene paper, a promising base material for flexible energy storage devices. In essence, we discover that the graphene based flexible electrode exhibits significantly improved performances in electrochemical properties, such as in energy density and power density. Moreover graphene paper has better life cycle compared to non-flexible conventional electrode architecture. Accordingly, we believe that our findings will contribute to the full realization of flexible lithium rechargeable batteries used in bendable electronic equipments.