Metal nanoclusters (MNCs) based on silver and gold, abbreviated as AgNCs and AuNCs, respectively, were synthesized and combined with functionalized graphene, abbreviated as f-G, forming novel MNC/f-G ensembles. The preparation of MNCs/f-G was achieved by employing attractive electrostatic interactions developed between negatively charged MNCs, attributed to the presence of carboxylates due to α-lipoic acid employed as a stabilizer, and positively charged f-G, attributed to the presence of ammonium units as addends. The realization of MNC/f-G ensembles was established via titration assays as evidenced by electronic absorption and photoluminescence spectroscopy as well as scanning transmission electron microscopy (STEM) and energy-dispersive X-ray (EDX) spectroscopy analyses. Photoinduced charge-transfer phenomena were inferred within MNCs/f-G, attributed to the suppression of MNC photoluminescence by the presence of f-G. Next, the MNC/f-G ensembles were successfully employed as proficient catalysts for the model reduction of 4-nitrophenol to the corresponding 4-aminophenol as proof for the photoinduced hydrogen production. Particularly, the reduction kinetics decelerated by half when bare MNCs were employed vs. the MNC/f-G ensembles, highlighting the beneficial role of MNCs/f-G in catalysing the process. Furthermore, AuNCs/f-G displayed exceptionally higher catalytic activity both in the dark and under visible light illumination conditions, which is ascribed to three synergistic mechanisms, namely, (a) hydride transfer from Au-H, (b) hydride transfer from photogenerated Au-H species, and (c) hydrogen produced by the photoreduction of water. Finally, recycling and re-employing MNCs/f-G in successive catalytic cycles without loss of activity toward the reduction of 4-nitrophenol was achieved, thereby highlighting their wider applicability.