The exciton properties of (Cd,Mn)Se-NrGO (nitrogen doped reduced graphene oxide) hybrid layered nanosheets have been studied in a magnetic field up to 10 T and compared to those of (Cd,Mn)Se nanosheets. The temperature dependent photoluminescence reveals the hybridization of inter-band exciton and intra-center Mn transition with enhancement of the binding energy of exciton-Mn hybridized state (80 meV with respect to 60 meV in (Cd,Mn)Se nanosheets) and increase of exciton—phonon coupling strength to 90 meV (with respect to 55 meV in (Cd,Mn)Se nanosheets). The circularly polarized magneto—photoluminescence at 2 K provides evidence for magnetic field induced exciton spin polarization and the realization of excitonic giant Zeeman splitting with g
eff as high as 165.4 ± 10.3, much larger than in the case of (Cd,Mn)Se nanosheets (63.9 ± 6.6), promising for implementation in spin active semiconductor devices.