Although cemented soil as a subgrade fill material can meet certain performance requirements, it is susceptible to capillary erosion caused by groundwater. In order to eliminate the hazards caused by capillary water rise and to summarize the relevant laws of water transport properties, graphene oxide (GO) was used to improve cemented soil. This paper conducted capillary water absorption tests, unconfined compressive strength (UCS) tests, softening coefficient tests, and scanning electron microscope (SEM) tests on cemented soil using various contents of GO. The results showed that the capillary water absorption capacity and capillary water absorption rate exhibited a decreasing and then increasing trend with increasing GO content, while the UCS demonstrated an increasing and then decreasing trend. The improvement effect is most obvious when the content is 0.09%. At this content, the capillary absorption and capillary water absorption rate were reduced by 25.8% and 33.9%, respectively, and the UCS at 7d, 14d, and 28d was increased by 70.32%, 57.94%, and 61.97%, respectively. SEM testing results demonstrated that GO reduces the apparent void ratio of cemented soil by stimulating cement hydration and promoting ion exchange, thereby optimizing the microstructure and improving water resistance and mechanical properties. This research serves as a foundation for further investigating water migration and the appropriate treatment of GO-modified cemented soil subgrade.