Dispersion of reduced graphene oxide (RG-O) into natural rubber (NR) was found to dramatically enhance the mechanical, electrical, and thermal properties of NR However, property improvements were strongly dependent upon the processing history and nanocomposite morphology. Co-coagulating a stable RG-O suspension with NR latex afforded a weblike morphology consisting of platelet networks between the latex particles, while two-roll mill processing broke down this structure, yielding a homogeneous and improved dispersion. The physical properties of RG-O/NR vulcanizates with both morphologies were compared over a range of loadings; it was found that the network morphology was highly beneficial for thermal and electrical conductivity properties and greatly increased stiffness but was detrimental to elongation. A detailed comparative analysis of composite models found the Guth equation gave excellent fit to modulus data of the milled samples when taking the shape factor as equal to the platelet aspect ratio quantified from transmission electron microscopy analysis.