As a kind of graphene derivative, graphene oxide (GO) contains a large number of oxygen-containing groups such as hydroxyl, epoxy, carboxyl and carbonyl. This makes it easy to interact with other substances to enhance and broaden the performance and application of traditional materials. The structure and size of GO are also affected by many factors such as preparation methods, graphite source, oxidant type and reaction conditions in the oxidation process of graphite. The research on the preparation, formation mechanism and structure control of GO has gradually attracted the attention of researchers. In this paper, the research progress on the preparation of GO, the improvement of the method, the chemical reaction and formation mechanism involved in the preparation process, and the influence of GO structure on its properties and applications are reviewed. From the perspective of industrial production and sustainable development, the problems and research directions of broadening and realizing the application of GO are summarized and forecasted.