The α-Fe2O3/graphene composites were obtained by solvothermal method, graphene oxide (GO) nanosheets were served as supporting materials for anchoring the α-Fe2O3, GO was reduced during this process. The morphology and structure of composites were characterized by X-ray powder diffraction, Scanning electron microscope and Transmission electron microscopy. Compared with the bare α-Fe2O3 nanoplates, the morphology of α-Fe2O3 decorated in graphene partly changed from nanoplates to truncate octahedral. Because of the synergistic effect of graphene and α-Fe2O3, the α-Fe2O3/graphene composites exhibited improved photocatalytic performance, significantly better than that of the bare α-Fe2O3 nanoplates. The specific capacitance of α-Fe2O3/graphene was about 2.9 times as high as that of the α-Fe2O3 nanoplates at a current density of 0.5 A/g. The α-Fe2O3/graphene composites also showed magnetic properties, which indicated the composites can be used in various fields.