Pd nanoparticles were synthesized on non‐functionalized and functionalized graphene oxide with thiol and amine groups. The resulting materials were used as recyclable catalysts to study the influence of the functional groups and compare their activity and stability to non‐functionalized graphene oxide and commercial catalysts in the Heck and Suzuki reactions. The catalyst based on non‐functionalized GO and commercial catalysts lost their activity quickly because of particle growth (Oswald ripening). However, the presence of functional groups reduces significantly the metal particle growth producing more efficient catalysts for the Heck and the Suzuki reactions. Moreover, the synthesized catalysts were capable of catalyzing the Heck and Suzuki reactions using different substrates, achieving good activities and selectivities in all cases.