In this work, we have developed a simple method for preparation of silver nanoparticles/graphene quantum dots hybrid (AgNPs/GQDs) using graphene quantum dots (GQDs) as reducing reagent and stabilizer. The synthesized GQDs and AgNPs/GQDs hybrid have been characterized by ultraviolet–visible spectroscopy (UV-Vis), photoluminescence (PL), X-ray diffraction (XRD) and transmission electron microscopy (TEM). Results indicated that mono-dispersed AgNPs were obtained with particles size around 30 nm. Based on the etching of silver nanoparticles by hydrogen peroxide (H2O2), we have constructed a colorimetric sensor for H2O2 and glucose sensors basing on the use of AgNPs/GQDs hybrid as capture probe and signal probe. The fabricated sensors performed excellent sensitivity and selectivity, high reproducibility for H2O2 and glucose detection with a low detection limit of 100 nM and 0.1 mM for hydrogen peroxide and glucose, respectively.