GraphRAG integrates (knowledge) graphs with large language models (LLMs) to improve reasoning accuracy and contextual relevance. Despite its promising applications and strong relevance to multiple research communities, such as databases and natural language processing, GraphRAG currently lacks modular workflow analysis, systematic solution frameworks, and insightful empirical studies. To bridge these gaps, we propose LEGO-GraphRAG, a modular framework that enables: 1) fine-grained decomposition of the GraphRAG workflow, 2) systematic classification of existing techniques and implemented GraphRAG instances, and 3) creation of new GraphRAG instances. Our framework facilitates comprehensive empirical studies of GraphRAG on large-scale real-world graphs and diverse query sets, revealing insights into balancing reasoning quality, runtime efficiency, and token or GPU cost, that are essential for building advanced GraphRAG systems.