While tremendous advancements in Ag nanoparticle (AgNP)‐based materials have been made, the development of a facile protocol for preparing sub‐10 nm AgNPs with controllable size and ultrahigh performance remains a formidable challenge. It is shown that AgNPs/graphene oxide (AgNPs/GO) bearing 2.5, 4.3, and 6.2 nm AgNPs (2.5‐AgNPs/GO, 4.3‐AgNPs/GO, and 6.2‐AgNPs/GO, respectively) could be fabricated via light‐induced synthesis. Their catalytic activity toward 4‐nitrophenol (4‐NP) reduction, which is a “gold standard” for evaluating the performance of noble metal–based catalysts, is studied. When normalized by mole and area, the activity exhibits an order of 4.3‐AgNPs/GO > 6.2‐AgNPs/GO > 2.5‐AgNPs/GO and 6.2‐AgNPs/GO > 4.3‐AgNPs/GO > 2.5‐AgNPs/GO, respectively. This trend is a result of GO‐induced electron concentration reduction with decreasing AgNP size. Significantly, under similar conditions, the activity of 4.3‐AgNPs/GO is substantially superior to that of numerous state‐of‐the‐art noble metal–based catalysts. The ultrafine size of the AgNPs and their surface accommodation on the unobstructed 2D GO scaffolds without capping reagents/covers, which make the abundantly exposed catalytically active sites highly accessible to substrate molecules, play an important role in their extremely ultrahigh performance. This work paves a new avenue for high‐performance AgNP‐based materials, and by taking 4‐NP reduction as a proof‐of‐concept, provides new scientific insights into the rational design of surface‐based advanced materials.