The dynamics of graphene oxide (GO) reduction process is investigated by the electron spectroscopy. GO samples were obtained by the standard Hummers method with the subsequent thermal treatment at different temperatures. Photoelectron emission spectra (PES) of C 1s core level and its energy loss range are analyzed using the invariant imbedding principle. The differential single scattering inelastic cross sections xin(Δ) of all the GO samples were derived by using the fitting procedure. Simulation of PES is performed by making use of the partial intensity approach. The cross sections dynamics analysis shows the reduction process of the graphene structure with increasing annealing temperature. Thermal treatment at a temperature of 600 °C results in the appearance of π-plasmon peak.