A potential negative electrode material Co3O4@rGO is synthesized via a facile reflux condensation route. The electrochemical performances of Co3O4@rGO composite for alkaline rechargeable Ni/Co batteries have been systemically investigated for the first time. The reduced-graphene can remarkably enhance the electrochemical activity of Co3O4 materials, leading to a notable improvement of discharge capacity, cycle stability and rate capability. Interestingly, the maximum discharge capacity of Co3O4@rGO-20 (additive amount of GO is 20 mg) electrode can reach 511.4 mAh g−1 with the capacity retention of 89.1% after 100 cycles at a discharge current of 100 mA g−1. A properly electrochemical reaction mechanism of Co3O4@rGO electrode is also constructed in detail.