The effect of partially reduced fullerenol-graphene oxide (rFGO) nanofiller on photophysical and super capacitance properties of binary nanocomposites containing phenylene-alt-thiophene fluorescence conducting polymer (FCP) were investigated. Nanocomposites were prepared by solution mixing, which allows uniform nanofiller distribution into the polymer matrix. Microscopic analyses of nanocomposites display homogeneous dispersion of nanofiller into the polymer matrix. Quenching of photoluminescence reveals the photosensitized electron transfer from light-absorbing FCP (acting as an electron donor) to fullerenol-graphene nanofiller (acting as an electron acceptor). The presence of partially reduced graphene sheets in rFGO nanofiller facilitates the photosensitized electron transfer along the surface and also through the interlayer channels of graphene sheets due to the pillar effect of fullerenol. UV-vis and photoluminescence spectroscopic characterization data reveal excellent interaction between filler and matrix, responsible for electron transfer mechanism. Super capacitance properties of binary nanocomposites in three different electrolytes (acid, neutral and alkaline) were also investigated and the best galvanic charge discharge result of 173 F/g at 2 A/g current density was obtained at 2 wt% loading up to 500th cycle for rFGO in acid electrolyte only. The material was ineffective in the alkaline electrolyte and showed poor results in neutral electrolyte. An attempt has been made to evaluate the structure-property relationship of nanocomposites from their thermal, photophysical, and electrochemical properties.