In this article, alteration in the mechanical performance of glass fiber/epoxy (GE) composite due to individual and simultaneous incorporation of multi‐walled carbon nanotubes (CNT) and multi‐layered graphene sheets (MLG) in both their pristine and oxidized forms are discussed. Further, the effect of two different nanofiller concentrations (0.1 and 0.3 wt%) were also studied to optimize the performance. Flexural testing of these composites was performed at room temperature (RT), 70 and 110°C in‐situ temperatures to understand their temperature dependence behavior. From all considered composites, GE composite with 0.1 wt% of oxidized CNT and MLG mixture (O‐(CNT‐MLG)) (1:1) showed best flexural performance at all the in‐situ temperatures. The presence of oxidized CNTs and MLGs in the GE composite provided a synergetic strengthening effect like CNT pull‐outs and crack bridging confirmed through SEM imaging. Besides, oxidation helped in the dispersion of CNT and MLG in the composite. Glass transition temperature (Tg) of all the considered composites was evaluated using Differential Scanning Calorimetry (DSC). Fourier Transformed Infra‐red Spectroscopy (FTIR) was also conducted to confirm the functionalization of CNT and MLG after oxidation. During the fractography study, these composites showed variation in fiber/matrix interfacial bonding, matrix deformation, dispersion of nanofillers and fiber imprints, which helped to understand different failure modes responsible for the gross failure of the composites.