The effect of the addition of graphene nanoplatelets (GNP) and graphene nanoplatelet/carbon nanotube (GNT) mixtures on the mechanical and magnetic properties of spark plasma sintered soft magnetic FeCo alloys was studied. Three different volume fractions (0.5, 1 and 2 vol%) of GNPs and GNTs were investigated. Ball milling was used to disperse the GNPs in monolithic FeCo powder, while magnetic stirring and ultrasonic agitation were used to prepare hybrid GNT prior to ball milling. The highest saturation induction (B-sat) of 2.39 T was observed in the 1 vol% GNP composite. An increase in the volume fraction of the ordered nanocrystalline structure was found to reduce the coercivity (H-c) of the composites. The addition of CNTs to the GNP composite prevented grain growth, leading to grain refinement. An 18 % increase in hardness was observed in the 1 vol% GNP composite as compared to the as-received FeCo alloy. A reduction in tensile strength was observed in all of the composite materials, except for the 0.5 vol% GNT composite, for which a value of 643 MPa was observed. Raman spectroscopy indicated a reduction in the defect density of the GNPs after adding CNTs.