We discuss the design and implementation of new highly-scalable distributed-memory parallel algorithms for two prototypical graph problems, edge-weighted matching and distance-1 vertex coloring. Graph algorithms in general have low concurrency, poor data locality, and high ratio of data access to computation costs, making it challenging to achieve scalability on massively parallel machines. We overcome this challenge by employing a variety of techniques, including speculation and iteration, optimized communication, and randomization. We present preliminary results on weak and strong scalability studies conducted on an IBM Blue Gene/P machine employing up to tens of thousands of processors. The results show that the algorithms hold strong potential for computing at petascale.