We studied an effect of the graphene oxide (GO) layer on the optical and electrical properties of porous silicon (PS) in hybrid PS–GO structure created by electrochemical etching of silicon wafer and deposition of GO from water dispersion on PS. With the help of scanning electron microscopy (SEM), atomic-force microscopy (AFM), and Fourier transform infrared (FTIR) spectroscopy, it was established that GO formed a thin film on the PS surface and is partly embedded in the pores of PS. A comparative analysis of the FTIR spectra for the PS and PS–GO structures confirms the passivation of the PS surface by the GO film. This film has a sufficient transparency for excitation and emission of photoluminescence (PL). Moreover, GO modifies PL spectrum of PS, shifting the PL maximum by 25 nm towards lower energies. GO deposition on the surface of the porous silicon leads to the change in the electrical parameters of PS in AC and DC modes. By means of current–voltage characteristics (CVC) and impedance spectroscopy, it is shown that the impact of GO on electrical characteristics of PS manifests in reduced capacitance and lower internal resistance of hybrid structures.