We theoretically investigate the electromagnetic properties of the multilayer graphene-dielectric composite materials based on the effective medium theory. It is found that the structure exhibits hyperbolic isofrequency wavevector dispersions at THz and far-infrared frequencies, hence thereby realizing the effective graphene-based hyperbolic metamaterials (HMM). The frequncy band of the hyperbolic dispersion can be tuned by changing the Fermi energy of graphene sheet, the thickness of the dielectric layer and the layer number of graphene sheets. Because of the hyperbolic dispersion, graphene-based HMM possesses a negative energy refraction and positive phase refraction for oblique incidence at far below the critical frequency. The highly confined bulk polariton modes are also supported. Based on the attenuated total reflection configuration, the excitation of the bulk polariton mode is studied, in addition, such properties used in the tunable optical reflection modulation are also explored.