Optically transparent electrodes are a key component in variety of products including bioelectronics, touch screens, flexible displays, low emissivity windows, and photovoltaic cells. Although highly conductive indium tin oxide (ITO) films are often used in these electrode applications, the raw material is very expensive and the electrodes often fracture when mechanically stressed. An alternative low-cost material for inkjet printing transparent electrodes on glass and flexible polymer substrates is described in this paper. The water based ink is created by using a hydrophilic cellulose derivative, carboxymethyl cellulose (CMC), to help suspend the naturally hydrophobic graphene (G) sheets in a solvent composed of 70% DI water and 30% 2-butoxyethanol. The CMC chain has hydrophobic and hydrophilic functional sites which allow adsorption on G sheets and, therefore, permit the graphene to be stabilized in water by electrostatic and steric forces. Once deposited on the functionalized substrate the electrical conductivity of the printed films can be “tuned” by decomposing the cellulose stabilizer using thermal reduction. The entire electrode can be thermally reduced in an oven or portions of the electrode thermally modified using a laser annealing process. The thermal process can reduce the sheet resistance of G-CMC films to < 100 Ω/sq. Experimental studies show that the optical transmittance and sheet resistance of the G-CMC conductive electrode is a dependent on the film thickness (ie. superimposed printed layers). The printed electrodes have also been doped with AuCl3 to increase electrical conductivity without significantly increasing film thickness and, thereby, maintain high optical transparency.