In this paper, the magnetic properties of carbon based material, graphene is studied, which is generated by laser ablation in cryogenic media. Transmission electron microscopy (TEM) and alternating gradient force magnetometer (AGFM) are applied to investigate the graphene morphology and magnetic properties, respectively. The graphene synthesized by the laser ablation method exhibits diamagnetic behavior. However the magnetic transition from diamagnetic to paramagnetic effect is lucidly observed by functionalizing the graphene sample with silver atoms.