Physical property variation due to incorporation of organic content into the inorganic chalcogenide alloy configuration might be an interesting topic for the investigation. Predominantly structural and optical properties can define their utility for the different uses. Therefore, this work demonstrates the microstructure as well as UV/Visible optical parameters, like, absorption spectra, extinction coefficient (k), real dielectric constant (), imaginary dielectric constant (), refractive index (n), absorption coefficient () and optical energy band gap for the Se 96 Zn 2 Sb 2 composition alloy as well as Se 96 Zn 2 Sb 2 + 0.05% multi walled carbon nano tubes and Se 96 Zn 2 Sb 2 + 0.05% bilayer graphene composite materials. Experimental evidences have demonstrated that materials structural and optical properties altered due to incorporation of small amounts multi walled carbon nano tubes and bilayer graphene in Se 96 Zn 2 Sb 2 configuration. The materials structural and optical properties changes could be interpreted with the help of the bond formation mechanism in the solids.