Co3O4 quantum dots/graphene composites were synthesized by a facile and efficient microwave irradiation method, and they were analyzed using XRD, TEM, HRTEM, and TG. Uniform Co3O4 nanocrystals of about 3-8nm with a high density are homogeneously dispersed on graphene nanosheets. When used as anode materials for Li-ion batteries, the Co3O4 quantum dots/graphene composites show a significantly enhanced cycling performance (1785 mAh g−1 at 0.1C after 90 cycles) as well as high rate capability (485 mAh g−1 at 5C). The reversible capacity is found to be much higher than the theoretical value. The superior performance could be attributed to the interfacial lithium-storage and the quantum and size effects of quantum dots that lead to high activity during the lithiation/delithiation process. In addition, the flexible and conductive graphene nanosheets and well dispersed Co3O4 nanodots as well as the synergetic effect between them also benefit the electrochemical performance by endowing a superior high surface area and shortening the diffusion pathway of lithium ions.