The invention provides graphite slurry and application thereof to protection of an anode steel claw for electrolytic aluminum. The graphite slurry provided by the invention is prepared from graphite, dextrin, water and a volatilizing agent. The graphite slurry provided by the invention takes water as a dispersant; compared with kerosene, the graphite slurry has low cost and flue gas generated in casting process which takes the kerosene as the dispersant is avoided; the dextrin is added so that the dispersion suspension property of the graphite in the water is improved and the sedimentation of the graphite is avoided; in a utilization process of the graphite slurry, the water is rapidly brought away through the volatilizing agent and the surface of the steel claw can be uniformly coated with the graphite, so that the separation of the steel claw and an iron ring is realized. An experiment result shows that compared with a traditional process, the cost of the graphite slurry provided by the invention is reduced by 12yuan/ton; when the graphite slurry is used, no flue gas is generated and the protected steel claw is taken out after being used in an electrolytic cell for 32 days; a phosphorus-iron ring is easily separated from the steel claw.