Graphene quantum dots (GQDs) with an average diameter of 3.5 nm were prepared via pulsed laser ablation. The synthesized GQDs can improve the optical and electrical properties of InGaN/InAlGaN UV light emitting diodes (LEDs) remarkably. An enhancement of electroluminescence and a decrease of series resistance of LEDs were observed after incorporation of GQDs on the LED surface. As the GQD concentration is increased, the emitted light (series resistance) in the LED increases (decreases) accordingly. The light output power achieved a maximum increase as high as 71% after introducing GQDs with the concentration of 0.9 mg/ml. The improved performance of LEDs after the introduction of GQDs is explained by the photon recycling through the light extraction from the waveguide mode and the carrier transfer from GQDs to the active layer.