Metal oxide composites with graphene/graphene oxide have increasingly gained popularity in enhancing the photocatalytic degradation of several existing harmful dyes. Moreover, identifying the role of carbon networks and their interactions in composite formation would assist in the design and development of photocatalysts. In the present study, we investigated the role of carbon networks in improving photocatalytic properties. Electronic structure analysis of cobalt oxide-graphene (C2)/graphene oxide (C3) nanocomposites using XAS suggested possible charge transfer from cobalt oxide nanoparticles to the carbon network during composite formation. The photocatalytic degradation of C3 towards phenol dye (1×10-3M) was >50% and improved the degradation rate with k = 0.231 h-1.In the quest to understand the mechanism unfolding on its surface, in situ XAS under UV-visible irradiation was performed, which shed light on delayed excitonic recombination in the synthesized nanocomposites. This enabled hydroxy radicals (˙OH) to play a preeminent role in the cleavage of the phenol ring and its intermediaries. Based on these observations, a detailed mechanism for charge transfer occurring during nanocomposite formation and the mechanism involved in the enhanced photocatalytic activity of the nanocomposite photocatalyst towards phenol degradation under the influence of UV-visible irradiation are discussed.