Here, we demonstrate synthesis of grass-like cobalt vanadium oxide hydrate (CVO) nanocanes arrays followed by decoration of CVO by iron oxide nanospheres (FeO@CVO) using iron nitrate and CVO through a cost-effective hydrothermal method. Finally, a high-performance robust mesoporous hybrid composite electrode (PPy/FeO@ CVO) was fabricated through wrapping up of polypyrrole (PPy) over FeO@CVO using low-temperature in-situ oxidative polymerization of pyrrole. Electrochemical studies of PPy/FeO@CVO with 1 M KOH reveals highest specific capacitance of similar to 1202 F/g with exceptionally high cyclic stability at 1 A/g in a three-electrode configuration. Furthermore, a two electrode based asymmetric supercapacitor using PPy/Fe0@ CVO as positive and graphene nanoplates (GNP) as negative electrodes and KOH-soaked paper as a separator reveals an outstanding energy density of 38.2 Wh/kg (power density 700 W/kg at 1 A/g) with amazing cyclic stability (95% capacitance retention after 5000 cycles), suggesting great prospective of the ASC for high-power device applications in modern electronic industries.