The nonlinear optical properties of two novel graphene nanohybrid materials covalently functionalized with porphyrin and fullerene were investigated by using the Z-scan technique at 532 nm in the nanosecond and picosecond time scale. Results show that covalently functionalizing graphene with the reverse saturable absorption chromospheres porphyrin and fullerene can enhance the nonlinear optical performance in the nanosecond regime. The covalently linked graphene nanohybrids offer performance superior to that of the individual graphene, porphyrin, and fullerene by combination of a nonlinear mechanism and the photoinduced electron or energy transfer between porphyrin or fullerene moiety and graphene.