How to display Icon in select options tag
You can't use (icon tag) inside (option tag), but you can do it differently like use class='fa' in select and icon classes in option's value. It's fully working in my case.
<select id="select_graphtype" class="fa">
<option value="fa fa-address-card">  line chart</option>
<option value="fa fa-address-card">  Pie Chart</option>
</select>
If this is not working please ensure this
.fa option {
font-weight: 900;
}
Hope this helps you. Better I would suggest you dashing frontend framework Materialize CSS select in this link.. I have been using it for my frontend works.