Inspired by future needs of flexible, simple, and low‐cost energy storage devices, smart graphene‐based micro‐supercapacitors on conventional Xerox paper substrates were developed. The use of redox‐active species (iodine redox couple) was explored to further improve the paper device's performance. The device based on printed graphene paper itself already had a remarkable maximum volumetric capacitance of 29.6 mF cm−3 (volume of whole device) at 6.5 mA cm−3. The performance of the hybrid electrode with redox‐active potassium iodide at the graphene surface was tested. Remarkably, the hybrid device showed improved volumetric capacitance of 130 mF cm−3. The maximum energy density for a graphene+KI device in H2SO4 electrolyte was estimated to be 0.026 mWh cm−3. Thus, this work offers a new simple, and lightweight micro‐supercapacitor based on low‐cost printed graphene paper, which will have great applications in portable electronics. The prints and the paper: Print graphene on both sides of a common office paper acting as separator. Add an aqueous sulfuric acid electrolyte, current collectors and… Potassium Iodide as an electroactive redox couple for extra charge storage. The result is a low‐cost micro‐supercapacitor with extra capacitance (130 mF cm−3) and energy density (0.026 mWh cm−3), ideally suited for flexible applications.