In this paper, a stable aqueous dispersion of graphene nanosheets (GNs) has been prepared by chemical reduction of graphene oxide (GO) with hydrazine hydrate in the presence of poly [(2-ethyldimethylammonioethyl methacrylate ethyl sulfate)-co-(1-vinylpyrrolidone)] (PQ11). Taking advantages of the fact that PQ11 is a positively charged polymer exhibiting reducing ability, we further demonstrated the subsequent decoration of GN with gold nanoparticals (AuNPs) by in-situ chemical reduction of HAuCl4. It was found that such nanocomposites exhibit good catalytic activity toward 4-nitrophenol (4-NP) reduction and the GN supports also enhance the catalytic activity via a synergistic effect.