New Schiff base (SB) functionalized graphene oxide (GO) nanosheets containing phosphomolybdic counter‐anion H2PMo12O40¯ (H2PMo) were successfully prepared by grafting of 3‐aminopropyltriethoxysilane (APTS) on GO nanosheets followed by condensation with benzil and finally reaction with phosphomolybdic acid (H3PMo12O40, denoted as H3PMo) and characterized using Fourier transform infrared (FT‐IR) spectroscopy, field emission scanning electron microscopy (FESEM), transmission electron microscopy (TEM), atomic force microscopy (AFM), particle size distribution, energy‐dispersive X‐ray (EDX) analysis, EDX elemental mapping, and inductively coupled plasma optical emission spectrometry (ICP‐OES). The prepared new nanomaterial, denoted as GO‐SB‐H2PMo, was shown to be an efficient heterogeneous catalyst in one‐pot, three‐component reaction of β‐naphthol, aldehydes, and dimedone, giving high yields of tetrahydrobenzo[a]xanthene‐11‐ones within short reaction times. The catalyst is readily recovered by simple filtration and can be recycled and reused several times with no significant loss of catalytic activity.