Background. Graves' disease is an autoimmune thyroid disease characterized by autoantibody production. The disease course varies from persistent hyperthyroidism to cyclic changes from hyperthyroidism to euthyroidism. Most patients gradually achieve remission; however, some eventually develop hypothyroidism because of destructive lymphocytic thyroiditis. Methods. We report two cases of Graves' disease with unusual thyroid function fluctuation: hyperthyroidism, followed by transient hypothyroidism and hyperthyroidism. These fluctuations were not attributable to the effects of antithyroid drugs. Results. Case 1-A 60-year-old woman presented with body weight loss, palpitation, hand tremors. Thyrotoxicosis (thyroid-stimulating hormone [TSH]: 0.0016 uIU/mL; free thyroxine [free T4]: 3.49 ng/dL) was diagnosed and started on methimazole treatment. After 2 months, she developed a hypothyroid status (TSH: 30.11 μU/mL; free T4: 0.41 ng/dL), which persisted after the 1-month discontinuation of methimazole. Therefore, she was started on levothyroxine treatment. After 8 months, low TSH levels (TSH: 0.066 μU/mL; free T4: 1.17 ng/dL) were observed, and methimazole treatment was repeated. She gradually became euthyroid, following which methimazole treatment was discontinued. Case 2-A 67-year-old man had thyroid function fluctuation similar to that in case 1. Conclusion. A possible explanation of the unusual thyroid function fluctuation in autoimmune thyroid disease is alternating thyrotropin receptor (TSHR) stimulating and blocking of antibody activity; however, TSHR-blocking antibodies could not be measured in this study. Furthermore, in some patients with Graves' disease, short-term follow-up of thyroid function is necessary to adjust treatment appropriately.