Intercalation and exfoliation are key steps in the preparation of graphene by thermal exfoliation, and they determine the quality of the final product. Therefore, it is important to explore the influence of intercalation agents on the intercalation and exfoliation of graphite. In this article, ammonium bicarbonate is intercalated into graphite with different degrees of oxidation to form a graphite intercalation compound (GIC) by means of ultrasound and stirring. Then, they are exfoliated by being heated at high temperatures. After ammonium bicarbonate intercalation and heating treatment, XRD, TG, and BET show that the intercalation and exfoliation effect of graphite oxide (GO) is better than that of graphite (G) and expanded graphite (EG). The intercalation mechanism is that the ammonia molecule in ammonium bicarbonate solution contains a wedge-shaped structure and active point, which provides empty orbits for graphite electrons and forms edge intercalation through physical interaction at the same time.