Water is as an economic, eco-friendly, and efficient lubricant that has gained widespread attention for manufacturing. Using graphene oxide (GO)-based materials can improve the lubricant efficacy of water lubrication due to their outstanding mechanical properties, water dispersibility, and broad application scenarios. In this review, we offer a brief introduction about the background of water lubrication and GO. Subsequently, the synthesis, structure, and lubrication theory of GO are analyzed. Particular attention is focused on the relationship between pH, concentration, and lubrication efficacy when discussing the tribology behaviors of pristine GO. By compounding or reacting GO with various modifiers, amounts of GO-composites are synthesized and applied as lubricant additives or into frictional pairs for different usage scenarios. These various strategies of GO-composite generate interesting effects on the tribology behaviors. Several application cases of GO-based materials are described in water lubrication, including metal processing and bio-lubrication. The advantages and drawbacks of GO-composites are then discussed. The development of GO-based materials for water lubrication is described including some challenges.