Ag/graphene(Ag/GN) nanocomposites with different Ag contents (0 wt%, 30 wt%, 46 wt%, 56 wt%, 63 wt%) were prepared based on graphene oxide (GO) and AgNO3 by a chemical reduction method. The effects of Ag content on the morphology and the microstructure of Ag/GN nanocomposite were studied by X-ray diffraction (XRD), X-ray photoelectron spectroscopy (XPS), transmission electron microscopy (TEM) and Raman spectroscopy. The results indicate that GO and silver ions in reaction solution have been reduced to Ag/graphene nanocomposites. The obtained GN nanosheet is piled up by 3~4 carbon atom layers, and Ag nanoparticles are deposited on the surface of GN. The intercalation of Ag nanoparticles prevents the aggregation of graphene effectively, resulting in large specific surface area. The size and the distribution of Ag nanoparticles are related to Ag content. When Ag content is low, Ag nanoparticles with sizes of 25~50 nm are well dispersed and deposited on GN nanosheets uniformly. However, high Ag content (more than 46%) causes the agglomeration of Ag nanoparticles. Additionally, Ag nanoparticles enhance surface-Raman effect of graphene.