Extraction of hot carriers is of prime importance because of its potential to overcome the energy loss that limits the efficiency of an optoelectronic device. Employing a femtosecond upconversion setup, herein we report a few picoseconds carrier cooling time of colloidal graphene quantum dots (GQDs) is at least an order of magnitude slower compared to that in its bulk form. A slower carrier cooling time of GQDs compared to that of the other semiconductor quantum dots and their bulk materials is indeed a coveted property of GQDs that would allow one easy harvesting of high energy species employing a suitable molecular system as shown in this study. A subpicosecond hot hole transfer time scale has been achieved in a GQD-molecular system composite with high transfer efficiency. Our finding suggests a dramatic enhancement of the efficiency of GQD based optoelectronic devices can possibly be a reality.