In liquid crystal devices (LCDs) the indium tin oxide (ITO) films are traditionally used as transparent and conductive electrodes. However, today, due to the development of multichannel optical communication, the need for flexible LCDs and multilayer structures has grown. For this application ITO films cannot be used in principle. For this problem, graphene (an ultrathin material with unique properties, e.g., high optical transparency, chemical inertness, excellent conductivity) is an excellent candidate. In this work, the electro-optical and dynamic characteristics of a liquid crystal (LC) cell with graphene and ITO transparent conducting layers are investigated. To insure uniform thickness of the LC layer, as well as the same orientation boundary conditions, a hybrid LC cell containing graphene and ITO conductive layers has been prepared. The characteristics of LC cells with both types of conducting layers were found to be similar, indicating that graphene can be successfully used as a transparent conductive layer in LC devices.