Graphite oxide, also referred as graphitic oxide or graphitic acid, is an oxidized bulk product of graphite with a variable composition. However, it did not receive immense attention until it was identified as an important and easily obtainable precursor for the preparation of graphene. This inspired many researchers to explore facts related to graphite oxide in exploiting its fascinating features. The present article culminates up-dated review on different preparative methods, morphology and characterization of physical/chemical properties of graphite oxide by XRD, XPS, FTIR, Raman, NMR, UV-visible, and DRIFT analyses. Finally, recent developments on intercalation and applications of GO in multifaceted areas of catalysis, sensor, supercapacitors, water purification, hydrogen storage and magnetic shielding etc. has also been reviewed.