Fe3O4 nanoparticle/graphene aerogel (Fe3O4/GA) composite is fabricated by a simple one-step liquid phase precipitation method without further heat-treatment. The reduction of graphene oxide, deposition of Fe3O4 nanoparticle and formation of 3D graphene nanosheet network can happen simultaneously during preparation process, guaranteeing the uniform distribution of Fe3O4 nanoparticles on the surface of graphene nanosheets. The influence of the graphene amount in the Fe3O4/GA composites on electrochemical performance is investigated. The as-prepared Fe3O4/GA composite with a graphene content of 25% displays good electrochemical lithium storage performance (a high reversible capacity of 985 mAh g−1 at a current density of 0.1 A g−1 after 100 cycles) and good rate capability (434 mAh g−1 at the current density as high as 2 A g−1). Moreover, the contribution of the pseudocapacitance capacity can explicate the origin of good rate capability of the Fe3O4/GA composite. This work demonstrates the great potential of Fe3O4/GA composite as an alternative anode material for the low-cost and high-performance lithium ion batteries.