We report a one-pot hydrothermal synthesis of nitrogen doped reduced graphene oxide (N-rGO) and Ag nanoparticle decorated N-rGO hybrid nanostructures from graphene oxide (GO), metal ions and hexamethylenetetramine (HMT). HMT not only reduces GO and metal ions simultaneously but also acts as the source for the nitrogen (N) dopant. We show that the N-rGO can be used as a metal-free surface enhanced Raman spectroscopy (SERS) substrate, while the Ag nanoparticles decorated N-rGO can be used as an effective SERS substrate as well as a template for decorating various other nanostructures on N-rGO.