Graphene oxide (GO) is a water soluble carbon material in general, suitable for applications in electronics, the environment, and biomedicine. GO is produced by oxidation of abundantly available graphite, turning black graphite into water-dispersible single layers of functionalized graphene-related materials. Therefore, oxidation gives chemicals access to the complete surface area of GO. These fundamentals have led to a rich chemistry of GO. Here, we review the progress made in controlling the synthesis of GO, introduce the current structural models used to explain the phenomena and present versatile strategies to functionalize the surface of GO. Finally, an outlook is given for future directions.