Carbon nanotubes and graphene are carbon-based materials, which possess not only unique structure but also properties such as high surface area, extraordinary mechanical properties, high electronic conductivity, and chemical stability. Thus, they have been regarded as an important material, especially for exploring a variety of complex catalysts. Considerable efforts have been made to functionalize and fabricate carbon-based composites with metal nanoparticles. In this review, we summarize the recent progress of our research on the decoration of carbon nanotubes/graphene with metal nanoparticles by using polyoxometalates as key agents, and their enhanced photo-electrical catalytic activities in various catalytic reactions. The polyoxometalates play a key role in constructing the nanohybrids and contributing to their photo-electrical catalytic properties.