As a chief pillar of higher education and technological innovation, universities have been enhancing national innovative capacity and promoting the social and economic development of the nation. Graduate education is an important channel of nurturing high-level talents, of which the cultivation of graduate students' practical ability is at the core. However, there are still some problems existing in the social practice appraisal mechanism for graduate students in most Chinese universities, such as the limited assessment scope, overgeneralized standards, inefficient communication during the social practice process and imperfect incentive mechanism. These deficiencies have made negative impacts on the effectiveness of the assessment of graduate students' practical ability, the quality of graduate students' practice, and the enthusiasm of graduate students involving in social practice. In order to promote the present social practice appraisal mechanism for graduate students, this paper attempts to construct a new graduate student appraisal system through the use of OKR (Objectives and Key Results) management approach and a more comprehensive incentive mechanism, in the hope of contributing to the improvement of the whole graduate student social practice evaluation mechanism.