The inductive bias of the convolutional neural network (CNN) can act as a strong prior for image restoration, which is known as the Deep Image Prior (DIP). In recent years, DIP has been utilized in unsupervised dynamic MRI reconstruction, which adopts a generative model from the latent space to the image space. However, existing methods usually utilize a single pyramid-shaped CNN architecture to parameterize the generator, which cannot effectively exploit the spatio-temporal correlations within the dynamic data. In this work, we propose a novel scheme to exploit the DIP prior for dynamic MRI reconstruction, named ``Graph Image Prior'' (GIP). The generative model is decomposed into two stages: image recovery and manifold discovery, which is bridged by a graph convolutional network to exploit the spatio-temporal correlations. In addition, we devise an ADMM algorithm to alternately optimize the images and the network parameters to further improve the reconstruction performance. Experimental results demonstrate that GIP outperforms compressed sensing methods and unsupervised methods over different sampling trajectories, and significantly reduces the performance gap with the state-of-art supervised deep-learning methods. Moreover, GIP displays superior generalization ability when transferred to a different reconstruction setting, without the need for any additional data.