Graphene oxide is an excellent additive in anti-corrosion coatings because of its chemical inertness, permeation resistance, and high mechanical strength. In addition, the presence of oxygen-containing functional groups on the surface of graphene oxide gives it hydrophilic properties while efficiently promoting chemical functionalization, thus enhancing its dispersibility and corrosion inhibition properties. Modified graphene oxide corrosion inhibitors are a new field of interest for corrosion scientists. This paper presents the primary research on graphene oxide as a novel corrosion protection material, including the synthesis of modified graphene oxide and its remarkable performance in corrosion protection coatings and corrosion inhibitors. Different kinds of modified graphene oxide coatings are outlined, including the research progress on modified graphene oxide innovative coatings with pH response in recent years. The synthesis of modified graphene oxide corrosion inhibitors and their corrosion inhibition mechanisms are reviewed. Finally, the typical role of modified graphene oxide in coatings and the prospect of its research are discussed.