Through indoor pot experiments, the effects of graphene oxide (GO) and nanoscale zero-valent iron (nZVI) on the growth and physiological characteristics of Festuca arundinacea were investigated by adding 1% GO and different ratios of nZVI (1%, 3% and 5%) to municipal solid waste (MSW) compost. The results showed that adding GO alone and GO and nZVI together promoted the germination of F. arundinacea seeds, and the germination rate and germination index were highest with the GO+5% nZVI treatment. Except for 1% nZVI, all other treatments with amendments significantly increased the shoot biomass and chlorophyll content of F. arundinacea, both attaining their highest values with the GO+5% nZVI treatments, which were 25% and 31% higher, respectively, than the control. The activity of superoxide dismutase (SOD) and peroxidase (POD) in F. arundinacea increased with the 3 and 5% nZVI treatments, as well as with increasing nZVI-addition ratios. Compared to the control, GO and nZVI treatments significantly decreased the activity of catalase (CAT) and the content of malondialdehyde (MDA), which reached their lowest values with GO+5% nZVI and GO+3% nZVI treatments, decreasing by 52 and 48%, respectively. Heavy metal concentrations in plant shoots decreased with increasing nZVI-addition ratios, and the effect was significant with GO+nZVI treatments. The results indicate that both nZVI and GO can immobilize heavy metals in MSW compost, decrease heavy metal absorption in plants, and promote the growth of turfgrass.