AADSTS65001: The user or administrator has not consented to use the application with ID '<application ID>

We following the v2 of the OAuth2 of Microsoft Code grant flow as documented here

After we created an application in App Register under Microsoft Azure, and try to get the code from the following URL

https://login.microsoftonline.com/concept4.net/oauth2/v2.0/authorize?client_id=<out client ID>&response_type=code&redirect_uri=https://postman-echo.com/get&response_mode=query&scope=profile%20openid%20offline_access%20https%3A%2F%2Fgraph.microsoft.com%2Fuser.read&state=skip_get_token2&prompt=consent

Then we got the following error

{"error":"invalid_grant","error_description":"AADSTS65001: The user or administrator has not consented to use the application with ID '' named 'c4app2019'. Send an interactive authorization request for this user and resource.\r\nTrace ID: 46424a2f-a3a2-45da-8902-888f5ca61c00\r\nCorrelation ID: 49d0a6ad-e158-4bc9-97b8-a6391c6470bb\r\nTimestamp: 2019-12-11 07:51:31Z","error_codes":[65001],"timestamp":"2019-12-11 07:51:31Z","trace_id":"46424a2f-a3a2-45da-8902-888f5ca61c00","correlation_id":"49d0a6ad-e158-4bc9-97b8-a6391c6470bb","suberror":"consent_required"}

Any idea what permission we need to grant to our application?

I can not reproduce your issue on my side. Here are my steps for your reference.

1.Create an application with User.Read and profile permissions.

2.Since the permissions I added don't need admin consent, so I can consent by the first time I login.

https://login.microsoftonline.com/{tenant}/oauth2/v2.0/authorize?
client_id=59437d85-46f8-409c-8211-b3db91a8b0e5
&response_type=code
&redirect_uri=http://localhost
&response_mode=query
&scope=https://graph.microsoft.com/User.Read
&state=12345

3.Get the token by using the code I got from step2

To locate your issue, please provide the screenshot like step2(App registrations->your application->API permissions). And the value of scope you used to get code/token.