Abstract: Due to its high electrical conductivity and excellent transmittance at terahertz frequencies, graphene is a promising candidate as transparent electrodes for terahertz devices. We demonstrate a liquid crystal based terahertz phase shifter with the graphene films as transparent electrodes. The maximum phase shift is 10.8 degree and the saturation voltage is 5 V with a 50 μm liquid crystal cell. The transmittance at terahertz frequencies and electrical conductivity depending on the number of graphene layer are also investigated. The proposed phase shifter provides a continuous tunability, fully electrical controllability, and low DC voltage operation.