Electromagnetic interference shielding (EMI) materials were designed using PC (polycarbonate)/SAN [poly(styrene-co-acrylonitrile)] blends containing few-layered graphene nanosheets decorated with nickel nanoparticles (G-Ni). The graphene nanosheets were decorated with nickel nanoparticles via the uniform nucleation of the metal salt precursor on graphene sheets as the substrate. In order to localize the nanoparticles in the PC phase of the PC/SAN blends, a two-step mixing protocol was adopted. In the first step, graphene sheets were mixed with PC in solution and casted into a film, followed by dilution of these PC master batch films with SAN in the subsequent melt extrusion step. The dynamic mechanical properties, ac electrical conductivity, EMI shielding effectiveness and thermal conductivity of the composites were evaluated. The G-Ni nanoparticles significantly improved the electrical and thermal conductivity in the blends. In addition, a total shielding effectiveness (SET) of -29.4 dB at 18 GHz was achieved with G-Ni nanoparticles. Moreover, the blends with G-Ni exhibited an impressive 276% higher thermal conductivity and 29.2% higher elastic modulus with respect to the neat blends.