The Ravens announced the move Tuesday, also signing guard/center Justin Boren to the active roster.
Graham, 34, played in just one game for the Ravens after signing with the team in late December. He made both of his field goal attempts in a Week 16 win over the Browns. Starter Billy Cundiff sat out that game with a calf injury.
The 11-year veteran also played in two games for the Miami Dolphins this season.
"As long as Billy is healthy, he'll be our kicker," head coach John Harbaugh said. "We were really fortunate that Shayne was available."
Baltimore also signed wide receiver Phillip Livas to the practice squad.
The Ravens are the No. 2 seed in the AFC playoffs and have a first-round bye.