The unusual electronic and optical properties of armchair and zigzag graphene nanoribbons (GNRs) subject to in-plane transverse electric and perpendicular magnetic fields have been systematically investigated. Our calculations were carried out within the generalized multi-orbital tight-binding model based on a Hamiltonian which takes into account hopping integrals among the (s, p x , p y , p z ) atomic orbitals as well as the external electric and magnetic fields. The electronic structure consists of π bands arising from the p z orbital and σ bands originating from the (s, p x , p y ) orbitals. The energy bands and optical spectra are diversified by both the nature of the edge of the nanoribbon and strength of the external fields. Armchair GNRs display a width-dependent energy gap in addition to low-energy σ bands while the zigzag system has the unfilled flat band with π edge states at zero energy and partially filled wide-range σ bands. An applied in-plane electric field leads to the splitting of energy bands and shifted Fermi level, thereby enriching the inter-band and intra-band optical conductivities. The interplay between an external magnetic field and the edge geometry gives rise to extraordinary quantized Landau levels and special optical spectra.