This work reports a modified electrochemical method for rapid and large-scale preparing graphene quantum dots (GQDs) by introduction of active free radicals, which were produced by hydrogen peroxide or ultraviolet radiation. These free radicals can deepen the oxidized or reduced level of working electrode in electrochemical process and thus lead to GQDs with high concentration and small size, but different surface oxidized degree. The improved oxidation and reduction mechanism were analyzed in this work. Meanwhile, the optical properties and oxidizability of GQDs with different surface oxidized degree were investigated. It is found that these GQDs can be used as an oxidizing agent and their oxidizability is related to the degree being oxidized.