The intent of this chapter is to provide a basic overview of recent advances in graphene based hybrid nanostructures including their preparation, properties and potential applications in various field. The development of graphene based functional materials, has shown their tremendous interest in areas of science, engineering and technology. These materials include graphene supported inorganic nanomaterials and films, graphene-metal decorated nanostructures, Core/shell structures of nanocarbon-graphene and graphene doped polymer hybrid nanocomposites etc. They have been prepared by various methods like chemical vapor deposition of hydrocarbon on metal surface, liquid phase exfoliation of graphite, chemical reduction of GO, silver mirror reaction, catalysis, in-situ hydroxylation and sono sol-gel route, respectively. The attractive properties of graphene and their derivatives filled with metal nanoparticles (e.g. Au, Ag, Pd, Pt, Ni, and Cu) have made them ideal templates. Graphene and their derivatives have also been decorated with various semiconductor nanomaterials (e.g. metal oxides and dioxides, metal sulfides). These metal decorated graphene nanostructures can be useful as functional hybrid nanomaterials in electronics, optics, and energy based products like solar cells, fuel cells, Li-ion batteries and supercapacitors, ion exchange and molecular adsorption.