Konjac glucomannan (KGM) hydrogel has good potential application in food and medical science, although to achieve this, the physical and mechanical properties need further improvement. In this study, graphene oxide (GO) was used to improve the functionality of KGM hydrogel. KGM/GO hydrogels were prepared by freezing the alkaline KGM/GO sols. Rotational rheometer was used to study the rheological properties of different alkaline KGM/GO sols. Fourier transform infrared, Raman, differential scanning calorimetry, thermogravimetric analyses, and scanning electron microscopy were used to evaluate the structure and properties of the hydrogels. In addition, different pH solutions and an in vitro assay were used to study the swelling property and the release behavior of KGM/GO hydrogels, respectively. The result revealed strong hydrogen-bond interaction between KGM and GO. The incorporation of GO highly improved the gel properties of KGM/GO sol, higher thermal stability, and more compact structure of KGM/GO hydrogels. KGM/GO hydrogels showed better swelling properties in deionized-distilled water and pH 7.2 PBS. The release of 5-aminosalicylic acid (5-ASA) from KGM/GO (KG4) hydrogel was different in various pH media, but the initial burst release effect was very severe. Therefore, incorporation of GO have a good potential in enhancing the properties of KGM hydrogel, but KGM/GO hydrogel is not an ideal carrier for 5-ASA release.