A simple and unexpensive method for the production of graphene-based masterbatch via polymer-assisted shear exfoliation of graphite in water was comprehensively investigated. In detail, a modified polyvinyl alcohol (mPVOH) characterized by surface energy comparable with that of graphene was used as surfactant for the production of graphene-like particles. These particles exhibit a higher output than that obtained by graphite liquid-exfoliation using common surfactants, along with a narrower size distribution. A mPVOH-masterbatch containing 4.38 wt% of graphene-like particles was produced, and directly used for the production of polymer nanocomposites by melt processing. Films prepared by blending the graphene-based masterbatch with an extrusion grade polyvinyl alcohol showed a 78% reduction in water permeability and a 48% increase in storage modulus when only 0.3wt% of graphene-like particles is added. Improved barrier properties were also observed for PLA and LDPE-based films, as well as an increment of about 520% in the storage modulus of PLA-based films. These results will open up a new pathway for using graphene-based masterbatch in the packaging industry.