Magnetic zinc ferrite (ZnFe2O4) nanoparticles (MZFN) and Graphene Oxide (GO) composites were prepared through low temperature reaction process. X-ray Diffraction and transmission electron microscopic studies of the individual's constituents reveal the crystalline nanocomposite nature. Anomalous transport properties with metal like to thermally activated semiconducting transition is observed around 160K for a typical MZFN/GO ratio (1:0.25) which is explained by considering the formation of percolated GO clusters.