An arteriovenous graft system is described. The arteriovenous graft system includes an arteriovenous graft that is well suited for use during hemodialysis. In order to minimize or prevent arterial steal, at least one valve device is positioned at the arterial end of the arteriovenous graft. In one embodiment, for instance, the arteriovenous graft system includes a first valve device positioned at the arterial end and a second valve device positioned at the venous end. In one embodiment, the valve devices may include an inflatable balloon that, when inflated, constricts and closes off the arteriovenous graft. By minimizing or preventing arterial steal, other complications associated with arteriovenous grafts are also avoided. For instance, the present invention is also well suited to preventing arteriovenous graft thrombosis, eliminating dialysis needle hole bleeding, and eliminating or minimizing arteriovenous graft pseudoaneurism formation.