With the more serious threats from complex electromagnetic environments, composites composed of conductive or semiconductive fillers and polymeric matrices could exhibit excellent nonlinear I-V characteristics, and have drawn significant attention in the field of overvoltage protection. In this research, graphene nanoplatelets (GNPs) are decorated by ZnO and mixed into an epoxy resin (ER) matrix via solution blending to prepare composites. A characterization analysis and the I-V measurement results of the GNPs/ER composites indicate that ZnO nanoparticles are well bonded with GNPs and exhibit obvious nonlinear I-V behavior under proper applied voltage with high nonlinear coefficients. The switching threshold voltage and nonlinear coefficients could be controlled by adjusting the weight ratio of GNPs and ZnO of the filler. Moreover, compared with the poor recoverability of pure GNP-filled ER in previous research, the GNP-ZnO/ER composites exhibited excellent reversibility of nonlinear I-V behavior under multiple repetitive I-V measurements. And compared with different composites, the sample with a 1:8 weight ratio of GO to Zn(Ac) 2 presents the smallest variation of switching threshold voltage at 158 V, with a standard deviation of 1.27% from among 20 measurements, which indicates the best reversibility. Finally, the conducting mechanism of the reversible nonlinear I-V characteristic is investigated and analyzed.