Graphene oxide (GO), a graphene-related material containing oxygen-functional groups, has attracted considerable attention because of its strongly hydrophilic behavior and potential use in GO-hybrid composites. We put our focus on the fabrication and rheological characteristics of GO-based electrorheological and magnetorheological smart fluids under electric and magnetic fields, respectively in this Highlight. A brief perspective on the significant role of GO in tribology and the amphiphilic characteristics of Pickering emulsions are also included.