Hall elements were fabricated based on high quality chemical vapor deposition grown graphene, and their performance limit was explored. The as-fabricated graphene Hall element exhibits current-related sensitivity of up to 2093 V/AT under 200 μA, and magnetic resolution of around 1 mG/Hz0.5 at 3 kHz. This ultrahigh sensitivity and resolution stem from high carrier mobility, small Dirac point voltage of 3 V, and low carrier density of about 3 × 1011 cm−2 in graphene device. The current sensitivity is found to decrease with increasing current bias at large bias, and this phenomenon is attributed to the drain induced Dirac point shift effect in graphene channel.