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"> &#xf2bb; line chart</option>
    <option value="fa fa-address-card"> &#xf2bb; 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.