Supercapacitors are prospective energy storage devices for electronic devices due to their high power density, rapid charging and discharging, and extended cycle life. Materials with limited conductivity could have low charge-transfer ions, low rate capability, and low cycle stability, resulting in poor electrochemical performance. Enhancement of the device’s functionality can be achieved by controlling and designing the electrode materials. Graphene oxide (GO) has emerged as a promising material for the fabrication of supercapacitor devices on account of its remarkable physiochemical characteristics. The mechanical strength, surface area, and conductivity of GO are all quite excellent. These characteristics make it a promising material for use as electrodes, as they allow for the rapid storage and release of charges. To enhance the overall electrochemical performance, including conductivity, specific capacitance (Cs), cyclic stability, and capacitance retention, researchers concentrated their efforts on composite materials containing GO. Therefore, this review discusses the structural, morphological, and surface area characteristics of GO in composites with metal oxides, metal sulfides, metal chalcogenides, layered double hydroxides, metal–organic frameworks, and MXene for supercapacitor application. Furthermore, the organic and bacterial functionalization of GO is discussed. The electrochemical properties of GO and its composite structures are discussed according to the performance of three- and two-electrode systems. Finally, this review compares the performance of several composite types of GO to identify which is ideal. The development of these composite devices holds potential for use in energy storage applications. Because GO-modified materials embrace both electric double-layer capacitive and pseudocapacitive mechanisms, they often perform better than pristine by offering increased surface area, conductivity, and high rate capability. Additionally, the density functional theory (DFT) of GO-based electrode materials with geometrical structures and their characteristics for supercapacitors are addressed.