Motivated by both its graphene-oriented applications and its own remarkable properties, interest in graphene oxide (GO) has widely spread across many disciplines. In parallel to the rapid progress of research, industrial-scale production of GO has emerged. GO is highly energetic, thermally unstable and can readily undergo exothermic disproportionation reactions to produce chemically modified graphene under mild heating conditions. This Review highlights the challenges and opportunities associated with GO's thermal instability such as the potential fire risk during large scale production and methods of mitigation, energy efficient way to reduce GO, photothermal patterning and sintering of graphene/polymer composites, and new syntheses using GO as an in situ power source to make nanoparticle decorated graphene composites for energy storage and catalysts. (C) 2012 Elsevier Ltd. All rights reserved.