Abstract Graphene oxide (GO) liquid crystals (LCs) are macroscopically ordered GO flakes dispersed in water or polar organic solvents. Since the first report in 2011, GO LCs have attracted considerable attention for their basic properties and potential device applications. In this review, we summarize recent developments and present a comprehensive understanding of GO LCs via many aspects ranging from the exfoliation of GO flakes from graphite, to phases and phase transitions under various conditions, the orientational responses of GO under external magnetic and electric fields, and finally Kerr effect and display applications. The emphasis is placed on the unique and basic properties of GO and their ordered assembly. We will also discuss challenges and issues that need to be overcome in order to gain a more fundamental understanding and exploit full device potentials of GO LCs.