The rapid integration of generative artificial intelligence (GenAI) tools, such as ChatGPT, Copilot, and Bard, is reshaping graduate education by transforming academic writing, research productivity, and scholarly engagement. While prior studies have largely focused on technological adoption and performance metrics, limited qualitative research has explored how graduate students interpret and critically regulate AI use in their academic practice. This study investigates how Philippine graduate students experience generative AI, examining its perceived benefits, limitations, ethical concerns, and influence on scholarly identity. Using a qualitative descriptive design, 12 graduate students (six Master’s and six PhD students) participated in semi-structured interviews. Data were analyzed using Braun and Clarke’s thematic analysis. The findings reveal that GenAI functions as a cognitive scaffold that enhances efficiency, reduces cognitive load, and supports idea generation, content organization, and academic writing refinement. Participants reported increased productivity and creative stimulation; however, they also expressed concerns regarding the accuracy, overreliance, academic integrity, and contextual limitations of AI-generated outputs. Differences emerged between master’s and doctoral students, with master’s students emphasizing operational efficiency, while PhD students demonstrated stronger verification practices, concern for originality, and reflective regulation of AI use. Overall, the study suggests that GenAI is neither inherently beneficial nor detrimental; rather, its impact depends on students’ critical AI literacy, ethical awareness, and self-regulation. These findings underscore the need for institutional frameworks that promote responsible AI integration while safeguarding intellectual rigor, authenticity, and higher-order thinking in graduate education.