Let . Some homogeneous lies outside . Choose with . Since is surjective, for some homogeneous ; primality gives . Thus , and .
Fix a positive-degree homogeneous and write . The map
is surjective: after multiplying the numerator and denominator of any degree-zero fraction by a sufficiently large power of , its numerator has degree at least and therefore lifts through . It is injective by the same device: if maps to zero, then for some , and after increasing the injectivity of in degree gives . Hence the displayed map is a ring isomorphism.
The opens obtained in this way cover , and on every one of them is an isomorphism onto . The inverses agree on overlaps, so is an isomorphism of schemes. This proves the Invariance of Proj under an eventual graded isomorphism.