We theoretically investigate the characteristics of the multilayered hyperbolic metamaterial (HMM) composed of graphene and discuss the transmission properties from another angle of Fabry–Perot (F–P) resonance analysis. Dispersion characteristics of graphene-dielectric multilayered hyperbolic metamaterials (GDM HMMs) can be adjusted by changing the chemical potential of graphene. Transfer matrix method is improved to adapt the condition of large tangential vectors, and transmission properties are analyzed numerically. Calculated results indicate that dielectric material and graphene codetermine the dispersion properties of the HMMs, and the optical properties can be dynamically adjusted due to the introduction of graphene. Transmission spectra exhibit F–P resonance properties and discussions prove the validity of the F–P cavity theory. However, the transmission characteristics of GDM HMMs are different from the phenomena and laws of the traditional F–P cavity. Further analysis reveals that the mechanism originates from the contribution of graphene and high-k waves in HMMs. We present an innovative perspective for investigating and understanding transmission properties of GDM HMMs and provide references for design of HMMs and other related photonic devices.