We demonstrate an ultrafast method for the formation of graphene supported Pt catalysts by the co-reduction of graphene oxide and Pt salt using ethylene glycol under microwave irradiation conditions. Detailed analysis of the mechanism of formation of the hybrids indicates a synergistic co-reduction mechanism whereby the presence of the Pt ions leads to a faster reduction of GO and the presence of the defect sites on the reduced GO serves as anchor points for the heterogeneous nucleation of Pt. The resulting hybrid consists of ultrafine nanoparticles of Pt uniformly distributed on the reduced GO susbtrate. We have shown that the hybrid exhibits good catalytic activity for methanol oxidation and hydrogen conversion reactions. The mechanism is general and applicable for the synthesis of other multifunctional hybrids based on graphene. © 2011 American Chemical Society.