A novel electrochemical exfoliation mode was established to prepare graphene sheets efficiently with potential applications in transparent conductive films. The graphite electrode was coated with paraffin to keep the electrochemical exfoliation in confined space in the presence of concentrated sodium hydroxide as the electrolyte, yielding ∼100% low-defect (the D band to G band intensity ratio, I/I = 0.26) graphene sheets. Furthermore, ozone was first detected with ozone test strips, and the effect of ozone on the exfoliation of graphite foil and the microstructure of the as-prepared graphene sheets was investigated. Findings indicate that upon applying a low voltage (3 V) on the graphite foil partially coated with paraffin wax that the coating can prevent the insufficiently intercalated graphite sheets from prematurely peeling off from the graphite electrode thereby affording few-layer (<5 layers) holey graphene sheets in a yield of as much as 60%. Besides, the ozone generated during the electrochemical exfoliation process plays a crucial role in the exfoliation of graphite, and the amount of defect in the as-prepared graphene sheets is dependent on electrolytic potential and electrode distance. Moreover, the graphene-based transparent conductive films prepared by simple modified vacuum filtration exhibit an excellent transparency and a low sheet resistance after being treated with NHNO and annealing (∼1.21 kΩ/□ at ∼72.4% transmittance).