Graphene-based polymer composites are gaining interest as a modish class of substance that holds promising angles on diverse applications. In this work, Graphene Oxide (GO) based Polyvinyl Alcohol (PVA) nanocomposites (PVA-GO) have been prepared by employing a facile solution casting method. Low concentrations of GO nanofiller (0.25%, 0.50%, 0.75%, and 1.0%) were used and the result of the use of them over the distinct substantial characteristics of the nanocomposites was evaluated. The different features of the as-synthesized nanocomposites such as optical, structural, chemical, and thermal properties were identified by UV-Vis spectroscopy, X-ray diffraction (XRD), Fourier transform infrared spectra (FTIR), and Thermo-gravimetric analysis (TGA), respectively. From the structural analysis of the crystallinity of the nanocomposite it is evident that a reduction in crystallinity caused by the amalgamation of the GO nanofiller. FTIR study shows improved interaction between the GO nanofiller and PVA matrix. The incorporation of GO was found to reduce the optical band gap of the nanocomposite both for the direct and indirect transition. The Urbach energy of the nanocomposite increases with the increase of the GO concentration suggests the formation of localized states causing a reduction in the optical band gap. PVA-GO nanocomposites with improved and tunable physical properties synthesized from a simple and economic route may pave a new horizon for polymer-based optoelectronic devices.