The machinability of graphene-reinforced magnesium-based hybrid nanocomposites produced through the application of powder metallurgy method has not been completely reported. This article presents an experimental investigation on the thrust force, the surface roughness (R-a), and drilled surfaces characteristics in the drilling process of a Mg/SiC/GNPs (magnesium matrix based silicon carbide and graphene nanoplatelets) hybrid magnesium matrix composite. The hybrid composite material was produced through the application of a powder metallurgy method. The experiments were carried out with uncoated, PVD (Physical Vapor Deposition), and CVD (Chemical Vapor Deposition) coated tungsten carbide drill bits at three levels of cutting speeds (30, 40, and 50 m/min), and three different levels of feed rate (0.10, 0.15, and 0.20 mm/rev) under dry machining conditions. Taguchi's L-27 (3(3)) orthogonal array and S/N ratio were used to optimize the optimal parameters for thrust force and surface roughness. The experimental results indicated that the thrust force and the surface roughness were extremely dependent on a particular type of drill bits, feed rate, and cutting speed. The feed rate parameter is known to have a significant influence on the surface finish.