Graphene oxide (GO) nanosheets are a promising class of carbon‐based materials suitable for application in the construction of medical devices. These materials have inherent antimicrobial properties based on sheet size, but these effects must be carefully traded off to maintain biocompatibility. Chemical modification of functional groups to the lattice structure of GO nanosheets enables unique opportunities to introduce new surface properties to bolster biological effects. Herein, we have developed nitric oxide (NO)‐releasing GO nanosheets via immobilization of S‐nitrosothiol (RSNO) moieties to GO nanosheets (GO‐[NH]x‐SNO). These novel RSNO‐based GO nanosheets were characterized for chemical functionality via Fourier transform infrared spectroscopy, x‐ray photoelectron spectroscopy, and colorimetric assays for functional group quantification. Stoichiometric control of the available RSNO groups functionalized onto the nanosheets was studied using chemiluminescence‐based NO detection methods, showing highly tunable NO release kinetics. Studies of electrical stimulation and subsequent electrochemical reduction of the nanosheets demonstrated further tunability of the NO release based on stimuli. Finally, nanosheets were evaluated for cytotoxicity and antibacterial effects, showing strong cytocompatibility with human fibroblasts in parallel to broad antibacterial and anti‐biofilm effects against both Gram‐positive and Gram‐negative strains. In summary, derivatized GO‐(NH)x‐SNO nanosheets were shown to have tunable NO release properties, enabling application‐specific tailoring for diverse biomedical applications such as antimicrobial coatings and composite fillers for stents, sensors, and other medical devices.