In the recent years functionalize graphene and inorganic quantum dots have emerged as strong acceptor material for the organic solar cells. But the power conversion efficiency of the devices based on these materials is still very low. The lower optical polaronic charge density and poor charge transfer between donor/acceptor is the main reason for the low efficiency of hybrid system. Graphene has high carrier mobility and large surface area as compared to fullerene so the use of graphene instead of fullerene will be a better idea. The present work demonstrates the synthesis of a novel hybrid accepter material containing amino-functionalized grapheme oxide and an inorganic semiconducting material, cadmium Selenide (CdSe) and cadmium telluride (CdTe) quantum dots (QDs). First, amino-functionalized graphene was synthesized and then QDs were grown in the functionalized-graphene matrix named f-G/QDs. Structural studies like X-ray diffraction, Transmission Electron Microscopic (TEM) were employed to investigate the growth of in graphene matrix. To understand the charge generation and transfer process, UV-vis photoluminescence (PL) and transient absorption spectroscopic studies have been carried out of this material with different combination of poly(3-hexylthiophene) (P3HT).