We report the synthesis of Mn₃O₄ nanostructures and their graphene composites following a novel, surfactant free, single-step hydrothermal method. The structural and morphological characterizations of graphene wrapped Mn₃O₄ nano-octahedrons (Mn₃O₄-rGO) are carried out using powder X-ray diffraction (XRD), Raman spectroscopy, FT-IR spectroscopy, Field emission scanning electron microscopy (FE-SEM), high resolution transmission electron microscopy (HR-TEM) and X-ray photoelectron spectroscopy (XPS). We study the electrochemical properties of as-prepared Mn₃O₄ and Mn₃O₄-rGO composite as anodes for lithium ion batteries (LIBs). Mn₃O₄-rGO composite electrode showed excellent electrochemical properties when cycled against Li/Li⁺, with a reversible specific capacity of 474 mAh g⁻¹ at 100 mA g⁻¹ upon 200 cycles. Further, we investigate the kinetics behavior of these electrodes and study their capacitive contribution towards total charge storage. With a high capacitive contribution of ∼73% at 1.0 mV s⁻¹, Mn₃O₄-rGO composite electrode exhibits excellent potential for their application in lithium ion battery and hybrid lithium ion capacitor devices.