Magnetization modulation in oxide-based resistive random-access memories facilitates their application in multifunctional memory devices and spintronics. However, the small magnetization modulation in oxide films hinders their practical applications. In this paper, we report a significant enhancement in the magnetization modulation of ZnO films upon embedding graphene quantum dots (GQDs). The magnetization-modulation ratio is greater than 500% in the ZnO–GQD hybrid films under applied biases of only 0.23/−0.20 V. This magnetization–modulation ratio is the highest value reported to date in pure or magnetic-ion-doped metal–oxide films. Further analyses indicate that the exchange of oxygen between the GQDs and ZnO, under a reversible electric field, plays an important role in enhancing the magnetization modulation. This work provides a new direction for the application of GQDs.