The aim of this study is to efficiently utilize catalytic properties of silver nanoparticles and nitrogen doped graphene and their combined synergistic effect. For this purpose, nitrogen doped reduced graphene oxide‐silver (NrGO‐Ag) nanocomposites were synthesized by a facile, environmentally friendly, one‐pot hydrothermal method for the first time and characterized by UV–Vis, FTIR, XRD, XPS, SEM, and TEM. Catalytic activity of the synthesized nanocomposites was tested against 4‐nitrophenol (4‐NP) and methylene blue (MB) reduction reactions in the presence of NaBH4. Total degradation was achieved in both reactions in 210 and 44 s, and pseudo first order reaction rate constants were calculated as 0.0071 and 0.0322 s−1 for 4‐NP and MB reduction reactions, respectively.