Let $\grad$, $\curl$, and $\dv$ be the graph-theoretic analogues of the gradient, curl, and divergence operators from multivariate calculus. The graph Laplacian $-\dv \grad$ gives rise to the celebrated Laplacian matrix, while the matrix representation of the graph Helmholtzian $\grad \grad^* + \curl^* \curl$ is called the Helmholtzian matrix. In this paper, we present a new graph-theoretic proof that the Helmholtzian matrix indeed represents the graph Helmholtzian. We then investigate the spectral properties of this matrix. Our main results are as follows: (i) a classification of graphs having exactly two distinct Helmholtzian eigenvalues; (ii) the nullity of the Helmholtzian matrix; and (iii) a combinatorial interpretation of the coefficients of the Helmholtzian polynomial. Furthermore, we determine the Helmholtzian spectrum for certain graph products and characterize Helmholtzian integral graphs, as well as derive bounds for the smallest Helmholtzian eigenvalue. Meanwhile, we pose some open problems for future research.