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This paper presents a compact model for the current-voltage characteristics of graphene field-effect transistors (GFETs), which is based on an extension of the “virtual-source” model previously proposed for Si MOSFETs and is valid for both saturation and nonsaturation regions of device operation. This GFET virtual-source model provides a simple and intuitive understanding of carrier transport in GFETs, allowing extraction of the virtual-source injection velocity vVS, which is a physical parameter with great technological significance for short-channel graphene transistors. The derived I-V characteristics account for the combined effects of the drain-source voltage VDS, the top-gate voltage VTGS, and the back-gate voltage VBGS. With only a small set of fitting parameters, the model shows excellent agreement with experimental data. It is also shown that the extracted virtual-source carrier injection velocity for graphene devices is much higher than in Si MOSFETs and state-of-the-art III-V heterostructure FETs with similar gate length, demonstrating the great potential of GFETs for high-frequency applications. Comparison with experimental data for chemical-vapor-deposited GFETs from our group and epitaxial GFETs in the literature confirms the validity and flexibility of the model for a wide range of existing GFET devices.