Graphene, a one-atom layer of graphite, possesses a unique two-dimensional structure and excellent mechanical, thermal, and electrical properties. Thus, it has been regarded as an important component for making various functional composite materials. Graphene can be prepared through physical, chemical and electrochemical approaches. Among them, chemical methods were tested to be effective for producing chemically converted graphene (CCG) from various precursors (such as graphite, carbon nanotubes, and polymers) in large scale and at low costs. Therefore, CCG is more suitable for synthesizing high-performance graphene based composites. In this progress report, we review the recent advancements in the studies of the composites of CCG and small molecules, polymers, inorganic nanoparticles or other carbon nanomaterials. The methodology for preparing CCG and its composites has been summarized. The applications of CCG-based functional composite materials are also discussed.