A green approach to the synthesis of sulfur and nitrogen co‐functionalized reduced graphene oxide (SN‐rGO) is presented; it involves the reduction of graphene oxide (GO) using a deep eutectic solvent (DES) as chemical reducing agent and dopant. For the first time, a DES of choline chloride and sodium sulfide comprising cheap and safe components is introduced, and is both highly effective and reusable as a reducing agent for the production of SN‐rGO. The DES is utilized as a solvent as well as reducing agent and dopant to generate SN‐rGO. This DES is highly efficient in removing oxygen functionalities from GO and for subsequent sulfur and nitrogen functionalization for high energy‐storage efficiency. The reduction ability of this DES is confirmed with five consecutive cycles, which adds to its sustainability and recyclability in the development of energy‐storage devices. SN‐rGO exhibits a high specific capacitance of 509 F g−1 at 1 A g−1, which corresponds to high energy and power densities of 57.3 Wh kg−1 and 1804.7 W kg−1, respectively. This simple and green method for direct reduction of GO with sulfur and nitrogen functionalization on the graphene surface can provide cost‐effective bulk production of a nanocarbon template for energy storage applications.