Electrochemical deposition of cobalt onto the single-layer CVD graphene draw to the formation of Co-CoO/graphene composites with increased electrical resistance and magnetoresistance. It is shown that magnetoresistance is governed with two competing mechanisms – negative (NMR) and positive (PMR). NMR at low magnetic fields could be well described with localized quantum corrections to the Drude conductivity in graphene. The enhancement of PMR at high magnetic fields could be associated with the influence of Lorentz mechanism in Co-CoO particles.