Combining the electronic structures of two-dimensional monolayers in ultrathin hybrid nanocomposites is expected to display new properties beyond their simplex components. Here, first-principles calculations are performed to study the structural, electronic and optical properties of hybrid graphene and phosphorene nanocomposite. It turns out that weak van der Waals interactions dominate between graphene and phosphorene with their intrinsic electronic properties preserved. Hybrid graphene and phosphorene nanocomposite shows tunable band gaps at graphene's Dirac point and a transition from hole doing to electron doing for graphene as the interfacial distance decreases. Charge transfer between graphene to phosphorene induces interfacial electron-hole pairs in hybrid graphene and phosphorene nanocomposite with enhanced visible light response.