Graphene and grapheme nanoribbons are new generation single atom thick carbon materials with outstanding electronic, chemical and mechanical and optical properties different from other allotropes of carbon. Due to these highly desirable properties numerous applications of grapheme and grapheme nanoribbons exists. Herein we have synthesized grapheme from graphite flakes and grapheme nanoribbons from multiwalled carbon nanotubes using wet chemical methods. In turn both grapheme and graphene nanoribbons were reduced using hydrazine hydrate. Fourier transformed Infrared spectroscopy was conducted to confirm the reduction of the grapheme and grapheme nanoribbons. Further morphological study was carried out by transmission electron microscopy, Field emission scanning electron microscopy and atomic force microscopy. These characterization results ascertained the formation of grapheme and grapheme nanoribbons. The nanoscale materials have potential applications in future nanoscale electronic, sensing and optical devices.