It is difficult to achieve high efficiency production of hydrophobic graphene by liquid phase exfoliation due to its poor dispersibility and the tendency of graphene sheets to undergo π-π stacking. Here, we report a water-phase, non-dispersion exfoliation method to produce highly crystalline graphene flakes, which can be stored in the form of a concentrated slurry (50 mg mL-1) or filter cake for months without the risk of re-stacking. The as-exfoliated graphene slurry can be directly used for 3D printing, as well as fabricating conductive graphene aerogels and graphene-polymer composites, thus avoiding the use of copious quantities of organic solvents and lowering the manufacturing cost. This non-dispersion strategy paves the way for the cost-effective and environmentally friendly production of graphene-based materials.