The fabrication of Co2P-Co (Co-P composites) hollow nanospheres with graphene sheets decoration through one-pot solution approach is demonstrated and their potential as the anode materials for lithium ion batteries is assessed. A large specific capacity of 929mAhg−1 can be retained for Co-P/graphene nanocomposites at 100mAg−1 after 200 cycles. When cycled at a large current density of 2.0C, the Co-P/graphene nanocomposites deliver a decent reversible capacity of 567mAhg−1, which is much higher than the theoretical capacity of traditional graphite anode (372mAhg−1). The obviously enhanced lithium storage properties of Co-P/graphene nanocomposites are put down to the dual modification of graphene sheets and metal Co as well as their hollow structures.