We propose GraphNVP, an invertible flow-based molecular graph generation model. Existing flow-based models only handle node attributes of a graph with invertible maps. In contrast, our model is the first invertible model for the whole graph components: both of dequantized node attributes and adjacency tensor are converted into latent vectors through two novel invertible flows. This decomposition yields the exact likelihood maximization on graph-structured data. We decompose the generation of a graph into two steps: generation of (i) an adjacency tensor and(ii) node attributes. We empirically demonstrate that our model and the two-step generation efficiently generates valid molecular graphs with almost no duplicated molecules, although there are no domain-specific heuristics ingrained in the model. We also confirm that the sampling (generation) of graphs is faster in magnitude than other models in our implementation. In addition, we observe that the learned latent space can be used to generate molecules with desired chemical properties