Zinc oxide (ZnO) and magnesium-doped zinc oxide nanoparticles, Zn0.88Mg0.12O (ZMO), were prepared by autocombustion method. Further, nanocomposites of the as-prepared nanoparticles with microwave-synthesized reduced graphene oxide (rGO) nanosheets, ZnO-rGO and ZMO-rGO, have also been prepared with a view to see the effect of doping of magnesium in zinc oxide on the tribological properties of the nanocomposite. Morphologies of nanoparticles/nanosheets and their nanohybrids have been studied by employing scanning electron microscopy (SEM)/high-resolution (HR) SEM with energy-dispersive X-ray (EDX), transmission electron microscopy (TEM)/HR-TEM, X-ray diffraction, Fourier transform infrared, UV-visible, Raman, and X-ray photoelectron spectroscopy (XPS) techniques. Triboactivity of the additives in paraffin oil has been interpreted considering the parameters mean wear scar diameter, coefficient of friction, load-carrying capacity, and wear rates obtained from ASTM D4172 and ASTM D5183 tests using a four-ball lubricant tester at optimized concentration (0.125% w/v). The performance of base lube and its admixtures has been found to lie in the order ZMO-rGO > ZnO-rGO > ZMO > ZnO > rGO > paraffin oil. Outstanding enhancement in triboactivity of nanocomposites, particularly that of ZMO-rGO indicates that nanoparticles are irrefutably instrumental in reinforcement of rGO, and on the other hand, rGO is associated with abatement of agglomeration of the nanoparticles. Thus, interactions between rGO and nanoparticles are vehemently synergic in nature. It is noteworthy that the best results were obtained with the following optimized concentrations: ZnO/ZMO 0.25%; rGO 0.15% and composites 0.125% w/v. Morphological studies of the wear track lubricated with different additives have been performed using SEM and contact mode atomic force microscopy. Results are in conformity with the order given above. The EDX analysis of ZMO-rGO exhibits the presence of zinc and magnesium on the worn surface, supporting their role in the formation of in situ tribofilm. Their role is further corroborated by XPS studies. Owing to their excellent tribological behavior, these sulfur- and phosphorus-free composites may be recommended as potential wear and friction modifiers.