The cubic nonlinearity of a graphene-oxide monolayer was characterized through open and closed z−scan experiments, using a nano-second laser operating at a 10 Hz repetition rate and featuring a Gaussian spatial beam profile. The open z−scan revealed a reverse saturable absorption, indicating a positive nonlinear absorption coefficient, while the closed z−scan displayed valley-peak traces, indicative of positive nonlinear refraction. This observation suggests that, under the given excitation wavelength, a two-photon or two-step excitation process occurs due to the increased absorption in both the lower visible and upper UV wavelength regions. This finding implies that graphene oxide exhibits a higher excited-state absorption cross-section compared to its ground state. The resulting nonlinear absorption and nonlinear refraction coefficients were estimated to be approximately ~2.62 × 10−8 m/W and 3.9 × 10−15 m2/W, respectively. Additionally, this study sheds light on the interplay between nonlinear absorption and nonlinear refraction traces, providing valuable insights into the material’s optical properties.