Rhenium nanoparticles (Re NPs) supported on Norit (activated carbon—C) and graphene (G) were prepared by a solvothermal method under microwave irradiation (MW). The synthesised heterogeneous catalysts were characterised and tested as reduction and oxidation catalysts, highlighting their dual catalytic behaviour. In the first case, they were used, for the first time, to reduce 4-nitrophenol, in aqueous medium, under MW irradiation. Re catalysts were easily recovered by centrifugation and recycled up to six times without significant activity loss. However, the same Re catalysts in MW-assisted oxidation of 1-phenylethanol with no added solvent experienced a significant loss of activity when recycled. The higher activity of the rhenium nanoparticles supported on graphene (Re/G) catalyst in both reactions was assigned to the higher dispersion and smaller particle size of Re NPs when graphene is the support.