Cobalt is a promising soft metallic magnetic material used for important applications in the field of absorbing stealth technology, especially for absorbing centimeter waves. However, it frequently presents a weak dielectric property because of its instability, aggregation, and crystallographic form. A method for enhancing the electromagnetic property of metal Co via phase-controlled synthesis of Co nanostructures grown on graphene (GN) networks has been developed. Hexagonal close-packed cobalt (alpha-Co) nanocrystals and face-centered cubic cobalt (beta-Co) nanospheres with uniform size and high dispersion have been successfully assembled on GN nanosheets via a facile one-step solution-phase strategy under different reaction conditions in which the exfoliated graphite oxide (graphene oxide, GO) nanosheets were reduced along with the formation of Co nanocrystals. The as-synthesized Co/GN nanocomposites showed excellent microwave absorbability in comparison with the corresponding Co nanocrystals or GN, especially for the nanocomposites of GN and alpha-Co nanocrystals (the reflection loss is -47.5 dB at 11.9 GHz), which was probably because of the special electrical properties of the cross-linked GN nanosheets and the perfect electromagnetic match in their microstructure as well as the small particle size of Co nanocrystals. The approach is convenient and effective. Some magnetic metal or alloy materials can also be prepared via this route because of its versatility.