The invention discloses an exhaust pipe made of graphene/carbon composite fibers and a production process of the exhaust pipe. The production process comprises the steps that an electric-heating core mold is adopted, and after being subjected to gum impregnation, a graphene/carbon composite fiber bundle is directly wound onto the electric-heating core mold under tension control; at the preliminary winding stage, constant-temperature heating is conducted on the core mold at the temperature of 100-120 DEG C till the thickness of a wound graphene/carbon composite fiber layer reaches one fourth the preset winding thickness; then, gradient temperature rising is conducted on the core mold at the temperature rising rate of 5-10 DEG C per 0.1 mm of the winding thickness, and winding is not stopped until the preset winding thickness is reached; and subsequently, constant-temperature heating is conducted on the core mold at the temperature of 140-160 DEG C till curing for molding of the exhaust pipe made of the graphene/carbon composite fibers is completed. By means of the process, the exhaust pipe made of the graphene/carbon composite fibers can be sufficiently firm; the exhaust pipe can have toughness of graphene, and toughness of the exhaust pipe can reach and even exceed that of ferritic stainless steel; and meanwhile, color, luster and appearance of the carbon fibers are maintained.