This paper reports on a micropillar micro-light-emitting diode (MP-μLED) enhanced by a graphene conductive layer and SiO2-coated Ag nanoparticles (Ag/SiO2 NPs). The micropillar structure enables direct contact between Ag/SiO2 NPs and the quantum well (QW), leveraging localized surface plasmon resonance (LSPR) to enhance the emission of QW. The SiO2 coating on Ag serves as an insulating layer, preventing energy leakage through electron tunneling between QW-Ag and Ag-Ag interfaces. Graphene, used as a transparent conductive layer, integrates the individual micropillars into a cohesive structure, ensuring efficient current spreading and uniform light emission. Compared to plane μLEDs of the same mesa size, the MP-μLED with graphene transparent electrodes and LSPR enhancement shows an improvement of 44% in external quantum efficiency (EQE) and 45% in wall plug efficiency (WPE) at a current density of 1000 A/cm2. This study demonstrates the significant application potential of LSPR and micropillar structures in μLED technology.