The invention discloses an LED epitaxial structure based on a graphene substrate, a growing method and an LED. The graphene substrate comprises a substrate and a graphene layer positioned on the surface of one side of the substrate. The LED epitaxial structure comprises a buffer layer grown on the graphene substrate and an N-type GaN layer, an active layer and a P-type GaN layer which are grown onthe buffer layer in an overlapped manner in sequence, wherein the buffer layer comprises buffer sub-layers grown on the surface of the side, away from the substrate, of the graphene layer; the buffersub-layers are AlN buffer sub-layers, GaN buffer sub-layers, InGaN buffer sub-layers or AlGaInN buffer sub-layers. Through the technical scheme provided by the invention, the buffer layer of the LEDepitaxial structure is grown on the graphene substrate, the lattice mismatch between the LED epitaxial structure and the graphene substrate is reduced, the stress between the graphene substrate and the LED epitaxial structure is reduced, and then the LED epitaxial structure with high crystalline quality can be prepared, so that a polarization electric field is reduced effectively, the bending of an energy band is reduced, and the composite efficiency of electrons and holes is improved.