In recent years, research on graphene oxide (GO) has developed rapidly in both academic and industrial applications such as electronic, biosensor, drug delivery, water treatment and so forth. Based on the large amount of applications, it is anticipated that GO will inevitably find its own way to the environment, if used are not restricted to prevent their release. Environmental transformation is an important transformation process in the natural environment. In this review, we will summarize the recent developments on environmental transformation of GO in the aquatic environment. Although papers on environmental transformation of graphene-based nanomaterials can be found, a systematic picture describing photo-transformation of GO (dividing into different irradiation sources), environmental transformation of GO in the dark environmental, the environmental toxicity of GO are still lacking. Thus, it is essential to summarize how different light sources will affect the GO structure and reactive oxygen species generation in the photo-transformation process, how GO will react with various natural constituents in the aquatic environment, whether GO will toxic to different aquatic organisms and what will be the interactions between GO and the intracellular receptors in the intracellular level once GO released into the aquatic environment. This review will arouse the realization of potential risk that GO can bring to the aquatic environment and enlighten us to pay attention to behaviors of other two-dimensional GO-like nanomaterials, which have been intensively applied and studied in recent years.