A simple and eco-friendly procedure of esterification of graphite oxide (GO), which uses acetic anhydride as a model reagent and ethyl acetate as a green solvent, is reported. The procedure leads to high functionalization degrees (at least up to 4.5 mol % of acetyl groups, referred to as graphitic C atoms) and it is much more effective than the literature method based on pure acetic anhydride. Surprisingly, our acetylation procedure does not destroy or reduce GO crystallinity but, irrespective of a substantial increase of distance between GO layers (from 0.84 nm up to 0.95 nm), leads to an increased order in the direction perpendicular to the graphitic planes. This phenomenon indicates that acetyl groups of acetylated GO (AcGO) are easily accommodated between graphitic layers, even improving interlayer order. The esterification procedure is generally applicable with various anhydrides providing differently functionalized graphite oxide. Dispersion of crystalline functionalized GO in volatile organic solvents followed by solvent fast removal, can easily lead to complete exfoliation.