We report in situ growth of mesoporous Mn0.5Co0.5Fe2O4 (MCFO) nanospheres on graphene to form MCFO/graphene nanocomposites by a facile solvothermal method. In the synthesis, Mn(CH3COO)2, Co(CH3COO)2, and FeCl3 were used as the metal precursors and CH3COOK, CH3COOC2H5, and HOCH2CH2OH as the mixed solvent. The obtained MCFO nanospheres (50-200 nm) were composed of small nanoparticles (5-15 nm), and the graphene surface acted as the nucleation sites in growing MCFO nanospheres. Compared with the bare MCFO nanospheres and the MCFO nanospheres physically mixed with graphene, the MCFO/graphene nanocomposite with 2.1 wt % graphene as anode material in Li ion batteries showed a significantly enhanced electrochemical performance with high lithium storage capacity and excellent cycling stability. This is because the introduced graphene can prevent the aggregation of nanospheres and provides a pathway for excellent Li+ ion diffusion and electronic conduction. This work opens a way for facile fabrication of metal oxide/graphene nanocomposites.