Thermoplastic elastomers are rubber‐like in their elasticity, plastic‐like in their ease of processing and recyclable. Styrene–butadiene–styrene (SBS) block copolymer is the world's most consumed thermoplastic elastomer. However, because of the carbon–carbon double bonds in its molecular structure, SBS exhibits poor thermal oxidation stability, which significantly limits the service lifetime and reliability of SBS. Here, we dramatically improve the thermal oxidation stability of SBS by incorporating graphene (GE) into the layered structure of SBS, which is attributed to GE's capacity to function as a gas barrier and scavenge free radicals. Compared with pure SBS, the oxidation induction time of SBS/GE nanocomposites can be increased by up to 225 times. This thermoplastic elastomer has potential in applications related to medical supplies, sports equipment, home appliances and automated office equipment. © 2024 Society of Industrial Chemistry.