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Graphene is a material with rapidly growing interest. It consists of flat monolayer of carbon atoms tightly packed into a two-dimensional (2D) honeycomb lattice and is basic building block for all graphitic materials. Interest in Graphene is because of its excellent mechanical, electrical, thermal, optical properties and its very high specific surface area. Studies have been performed on wet oxidation of natural graphite by using Modified Hummers Method followed by exfoliation and reduction in order to  synthesise graphene from Graphite Oxide (GO). Acid route has been followed for oxidation whereas reduction has been carried out in water with hydrazine hydrate and Sodium Borohydrate. It results in to a material with characteristics that are comparable to those of pristine graphite. The reaction at every step has been characterized by using FTIR, TGA, XRD, Raman spectroscopy and surface area measurement.