Graph neural networks (GNNs) have emerged as state-of-the-art methods to learn from graph-structured data for recommendation. However, most existing GNN-based recommendation methods focus on the optimization of model structures and learning strategies based on pre-defined graphs, neglecting the importance of the graph construction stage. Earlier works for graph construction usually rely on speciffic rules or crowdsourcing, which are either too simplistic or too labor-intensive. Recent works start to utilize large language models (LLMs) to automate the graph construction, in view of their abundant open-world knowledge and remarkable reasoning capabilities. Nevertheless, they generally suffer from two limitations: (1) invisibility of global view (e.g., overlooking contextual information) and (2) construction inefficiency. To this end, we introduce AutoGraph, an automatic graph construction framework based on LLMs for recommendation. Specifically, we first use LLMs to infer the user preference and item knowledge, which is encoded as semantic vectors. Next, we employ vector quantization to extract the latent factors from the semantic vectors. The latent factors are then incorporated as extra nodes to link the user/item nodes, resulting in a graph with in-depth global-view semantics. We further design metapath-based message aggregation to effectively aggregate the semantic and collaborative information. The framework is model-agnostic and compatible with different backbone models. Extensive experiments on three real-world datasets demonstrate the efficacy and efffciency of AutoGraph compared to existing baseline methods. We have deployed AutoGraph in Huawei advertising platform, and gain a 2.69% improvement on RPM and a 7.31% improvement on eCPM in the online A/B test. Currently AutoGraph has been used as the main trafffc model, serving hundreds of millions of people.