Graham, 27, appears in an ad for bathing suit company swimsuitsforall.
Swimsuits for all
The beautiful model has been in the industry for more than a decade.
Here's everything we know about her.
Graham is from Lincoln, Nebraska. She was discovered by a modeling scout at a shopping mall when she was 12.
She's appeared in magazines including Vogue, Glamour, and Harper's Bazaar.
Graham has also worked as a commercial model for Macy's, Hanes, Target, and Nordstrom. She was featured in an ad for Levi's Curve ID line.
Before Sports Illustrated, she was best known as the model who appeared in a Lane Bryant commercial that was banned by major networks during peak viewing times for being too racy.
The commercial shows Graham in lingerie and was supposed to help the brand appeal to younger customers.
"ABC and Fox have made the decision to define beauty for you by denying our new, groundbreaking Cacique commercial from airing freely on their networks," Lane Bryant said in a blog post.
Graham lives in New York City with her husband, Justin Ervin. He's a videographer.
In addition to modeling, she also designs lingerie for Canadian company Addition Elle.
She has nearly 180,000 Instagram followers and frequently posts about her life.
Many of her posts encourage body positivity.
And of course, there are plenty of swimsuit shots.