Graphene oxide (GO) and reduced graphene oxide (rGO) are well known for their exceptional characteristics in a variety of applications. Reduced graphene oxide differs from graphene oxide in terms of morphological aspects, quality, functionalized groups, and crystallinities. Several attempts to synthesize GO and rGO have been documented in studies. The paper discussed the numerous ways to synthesize GO and rGO, and a literature review revealed that Hummers’ technique stands out as the most commonly used. Graphite is mixed with potassium permanganate, sodium nitrate, and strong sulfuric acid to make GO. Notably, Hummers’ technique has the advantage of faster synthesis and higher GO quality. The paper discusses several investigations, including the morphological and structural characteristics, chemical bonding information, and mechanical properties of GO and rGO. Scanning Electron Microscopy (SEM), Atomic Force Microscopy (AFM), X-ray Diffraction (XRD), Fourier Transform Infrared Spectroscopy (FTIR), and the Vickers Hardness Tester are generally used to study these characteristics. The FTIR analysis revealed that the most common peaks in both GO and rGO were found to be associated with the O-H, C=O, C-OH, and C-O functional groups. XRD examination, on the other hand, revealed a diffraction peak at 2θ = 10.2°, indicating oxidized graphite in the case of GO, as well as a graphitic peak at 2θ = 26.3°, indicating graphitic graphite. Furthermore, the addition of GO and rGO into ceramics or polymers was discovered to cause significant changes in their mechanical characteristics, such as tensile strength, Young’s modulus, and others. This demonstrates the revolutionary potential of graphene in improving the performance of composite materials.