Hybrid Cu–ZrO2/GNPs nanocomposites were successfully produced using powder metallurgy technique. The effect of GNPs mass fraction, 0, 0.5, 1 and 1.5%, on the mechanical and electrical properties of the produced hybrid nanocomposite was investigated while maintaining ZrO2 mass fraction constant at 5%. High-energy ball milling was applied for mixing powders followed by compaction and sintering. The morphological analysis of the produced powder showed acceleration of Cu particles fracture during ball milling with the addition of GNPs up to 0.5% with noticeable reduction of agglomeration size. Moreover, the crystallite size of Cu–5%ZrO2/0.5%GNPs hybrid nanocomposites revealed smaller crystallite size, 142 nm, compared to 300 nm for Cu–5%ZrO2 nanocomposite. Additionally, the hybrid nanocomposite with 0.5% GNPs shows homogeneous distribution of both reinforcement phases in the sintered samples. The compressive strength increased with the GNPs content and reached 504.6 MPa at 0.5%, 31% higher than the Cu-5%ZO2. The thermal conductivity had the maximum value at 0.5 wt%GNPs and reached 345 W/m k. The results provide efficient manufacturing process for high strength and good conductivity hybrid nanocomposites, which is applicable in many structural applications such as heat exchange purposes.