We investigated theoretically the phonon thermal conductivity of single-layer graphene. The phonon dispersion for all polarizations and crystallographic directions in graphene lattice was obtained using the valence-force field method. The three-phonon Umklapp processes were treated exactly using an accurate phonon dispersion and Brillouin zone, and accounting for all phonon relaxation channels allowed by the momentum and energy conservation laws. The uniqueness of graphene was reflected in the two-dimensional phonon density of states and restrictions on the phonon Umklapp scattering phase-space. The phonon scattering on defects and graphene edges has also been included in the model. The calculations were performed for the Gruneisen parameter, which was determined from the ab initio theory as a function of the phonon wave vector and polarization branch, and for a range of values from experiments. It was found that the near room-temperature thermal conductivity of single-layer graphene, calculated with a realistic Gruneisen parameter, is in the range $\sim 2000–5000\text{W}/\text{mK}$ depending on the flake width, defect concentration and roughness of the edges. Owing to the long phonon mean free path the graphene edges produce strong effect on thermal conductivity even at room temperature. The obtained results are in good agreement with the recent measurements of the thermal conductivity of suspended graphene.