Graph generation plays a pivotal role across numerous domains, including molecular design and knowledge graph construction. Although existing methods achieve considerable success in generating realistic graphs, their interpretability remains limited, often obscuring the rationale behind structural decisions. To address this challenge, we propose the Neural Graph Topic Model (NGTM), a novel generative framework inspired by topic modeling in natural language processing. NGTM represents graphs as mixtures of latent topics, each defining a distribution over semantically meaningful substructures, which facilitates explicit interpretability at both local and global scales. The generation process transparently integrates these topic distributions with a global structural variable, enabling clear semantic tracing of each generated graph. Experiments demonstrate that NGTM achieves competitive generation quality while uniquely enabling fine-grained control and interpretability, allowing users to tune structural features or induce biological properties through topic-level adjustments.