In the present investigation, graphene (G) and graphene decorated with Ag (Ag-G), Au (Au-G) metal nanoparticles as well as AuAg alloy (AuAg-G) nanoparticles (NPs) have been successfully synthesized via solution chemical route. The specimens have been characterized by using XRD, Raman, UV-Vis spectroscopy and TEM. TEM study confirms the formation of few-layered graphene sheets decorated with metal and alloy NPs. The relative change in the positions of D and G bands in Raman spectra of Ag-G, Au-G and AuAg-G as compared to graphene reveals a significant electronic interaction between graphene and metal or alloy NPs. A better electronic interaction between AuAg alloy NPs and graphene as compared to that of pure metal NPs has been shown by an enhancement in the intensities of G and D bands in Raman spectrum of AuAg-G as compared to those of Ag-G and Au-G. UV-Vis spectroscopic analysis also indicates, a larger blue shift in the absorption peak of the graphene in AuAg-G than that of metal decorated graphene, suggesting a better interaction between graphene and alloy NPs. These results indicate that alloy NPs can tune the electronic structure of graphene better than metal NPs. Such changes in electronic interaction will lead to modification of the electronic behaviour of graphene, making these materials suitable for many electronic applications.