World models (WMs) demonstrate strong capabilities in prediction, generation, and planning tasks. Existing WMs primarily focus on unstructured data while cannot leverage the ubiquitous structured data, often represented as graphs, in the digital world. While multiple graph foundation models have been proposed, they focus on graph learning tasks and cannot extend to diverse multi-modal data and interdisciplinary tasks. To address these challenges, we propose the Graph World Model (GWM), a world model that supports both unstructured and graph-structured states with multi-modal information and represents diverse tasks as actions. The core of a GWM is a generic message-passing algorithm to aggregate structured information, either over a unified multi-modal token space by converting multi-modal data into text (GWM-T) or a unified multi-modal embedding space by modality-specific encoders (GWM-E). Notably, GWM introduces action nodes to support diverse tasks, where action nodes are linked to other nodes via direct reference or similarity computation. Extensive experiments on 6 tasks from diverse domains, including multi-modal generation and matching, recommendation, graph prediction, multi-agent, retrieval-augmented generation, and planning and optimization, show that the same GWM outperforms or matches domain-specific baselines’ performance, benefits from multi-hop structures, and demonstrate strong zero-shot/few-shot capabilities on unseen new tasks.