Graphene is a ground-breaking two-dimensional (2D) material that possesses outstanding electrical, optical, thermal, and mechanical properties and that promises a new generation of devices. Despite all these, some applications require graphene-based materials with different characteristics, such as good solubility in organic solvents and a specific band gap to be dispersible in polymer nanocomposite matrix and applied as active layer, electron transport layer (ETL) or hole transport layer (HTL) in organic photovoltaics. Chemically modified graphene derivatives are studied, searching for better dispersions and even more properties for different applications. Most of the attention has been drawn to dispersions of graphene oxides or highly reduced graphene oxides. Therefore, this allows an opportunity to study the characteristics of materials with intermediate oxidation degrees and its applications.