Three kinds of water-soluble graphene, polystyrene sulfonate, titanate coupling agent and glucose/reduced graphene oxide were prepared for fabricating magnesium-air batteries with AP65 anode. Corrosion behavior and discharge performance were investigated. The three kinds of water-soluble graphene added respectively in NaCl solution result in a more negative potential and a lower exchange current density in the potentiodynamic polarization curve of AP65 anode. The comprehensive discharge performance of the magnesium-air battery with the polystyrene sulfonate/reduced graphene oxide (PSS/RGO) is better than other batteries. This is due to non-covalent adsorption of PSS on RGO and π−π interactions formed between PSS and RGO, which prevents graphene from agglomeration. PSS/RGO not only improves the ionic conductivity of solution, but also reduces the anode corrosion. X-ray diffraction, Fourier transform infrared spectrophotometry, scanning electron microscopy, and electrochemical impedance spectroscopy results correlate well with the discharge and corrosion performance of AP65 anode in three water-soluble graphene solutions.