We proposed a hybrid metamaterial structure based on graphene–silver, which has tunable, efficient light-absorbing, and light-transmitting performance at the visible light regime. It is shown that this hybrid metamaterial structure can absorb light effectively with a maximum of 97.2% at a wavelength of 638 nm and reflect light effectively with a maximum of 98.05% at a wavelength of 437 nm. In addition, the two peak wavelength can be adjusted flexibly by grid voltage. This nearly perfect absorption capability is attributed to the synergetic effects of the localized surface plasmon enhancement of Ag nanoribbon, graphene plasmonics, metal–insulator–graphene mode, and Fabry–Perot resonance. There are almost no physical effects, only reflection when the reflection peak wavelength light goes into and out of the material. When the Fermi energy of graphene increases with the increase of grid voltage, the peaks wavelength of absorption and reflection will be blue shifted. This kind of tunable metamaterial can be used in visible light photodetectors or spectroscopy fields.