Graceful sharks prey mainly on bony fishes, and to a much lesser extent on cephalopods and crustaceans. It is viviparous, with females bearing litters of up to 9 pups following a 9- to 10-month gestation period. Off northern Australia, birthing occurs in January and February, with mating shortly after. This species is potentially dangerous, but has not been implicated in any attacks. It is caught incidentally by commercial fisheries throughout its range for meat, fins, and liver oil, though specific information is lacking. The International Union for Conservation of Nature has listed it under Near Threatened.