Based on the versatile nature and applications of Carbon foam (CF), up to now many attempts were performed to improve the structure and properties of CF by incorporating various additives in the CF matrix. But these additives improved one property on the cost of another ones. Herein, we have synergistically incorporated multi-walled carbon nanotubes (MWCNTs) and graphene oxide (GO) with varying loadings as additives in the CF matrix via direct pyrolysis to achieve all the desired properties. Seven different types of CF composites including pure CF were prepared and their effect on the structure, mechanical, thermal, electrical and catalytic characteristics has been reported. The results revealed that after the inclusion of MWCNTs and GO contents, the microstructural performance of CF samples was amazingly improved. Additionally, it was observed that mechanical, thermal, electrical and catalytic behaviors of the CF samples were significantly enhances by the increase of nanohybrids. The compressive strength and Young's modulus reveals their optimum limits up to 19.3 and 57.4 MPa respectively on 2 wt.% MWCNTs-GO additive loadings. Similarly, the greatest thermal and electrical conductivities of 30.92 W/m. K and 27.4 × 103 S/m were showed by CF samples having 2 wt. % MWCNTs-GO loadings. Whereas, the decolorization activity of the CF and their nanocomposites were tested against methyl orange dye and it was observed that the sample with enhanced MWCNTs and GO have good decolorization activity and much sustainable than other samples. The 4% CF/MWCNTs-GO decolorized about 76% MO dye under exposure to UV light within 60 min. The decolorization of MO dye increases with increasing nanocomposite dosage and decreasing initial dye concentration.