I've created a new profile in Sandbox and want to deploy into production with the help of change set. I can add the profile in change set through "Add Profile" option in "Profile Settings For Included Components" section but unable to upload the change set as the option for upload is grade out.
You can't deploy a profile by itself via change sets. Doing so would render the profile completely useless in a new org. This is because things like field level security, object level security, Visualforce page access, and Apex Class access requires those elements to be included in the change set. You'll need to either add all of the elements in your org to ensure that no permissions are missed, or use the Force.com IDE to fully retrieve the profile so you can deploy it.
See this knowledge article for more info.
It's not possible to upload a change set containing only profiles so you'll need to make sure that a component is also included. Profiles are not officially supported as individual components in change sets as per the Components Available in Change Sets documentation. Although profiles are available and can be selected with other components, there are limitations on what specific parts of the profile's permissions can be deployed via change sets.