The reduction of Ag+ mediated by natural organic matters has been demonstrated to be an important process of Ag+ transformation and would influence the risks of Ag+ and Ag-containing materials in aquatic environment. Considering the large production of carbon nanomaterials (CNMs) and their inevitable release into the environment, the effects of CNMs on Ag transformation are of considerable interest. This study demonstrated that the humic acid-mediated reduction of Ag+ to free Ag nanoparticles (AgNPs) in aqueous phase was suppressed by coexisting reduced graphene oxide (rGO). A large amount of Ag+ was reduced on rGO surface, resulting in the generation of AgNPs-rGO composites. rGO at concentrations of 1–2 orders of magnitude lower than those of Ag+ would exhibit significant effects. The X-ray absorption fine structure spectroscopy study showed that Ag+ was first adsorbed on rGO surface cooperatively with humic acid and then rapidly reduced to AgNPs. The hydroxylic-OH on rGO could participate in the AgNPs formation and was oxidized to carbonyl during the reduction of Ag+. Additionally, the formed AgNPs-rGO had a relatively lower environmental risk compared to AgNPs or rGO alone. Overall, these results improve our understanding of the interaction between CNMs and Ag+ in aquatic systems.