We successfully produced water-dispersible reduced graphene oxide (rGO) by pH tuning liquid-phase photoreduction. In this method, the stabilizers and chemical modification usually used for dispersing rGO are not required. The stable carboxyl groups continue to ionize throughout the photoreduction process under alkaline conditions and continue to provide water-dispersible rGO. Moreover, the decomposition of GO into CO2 is prevented, and the production of defects is largely avoided. This is because the epoxide groups on the GO nanosheets that lead to decomposition are converted into hydroxide groups under alkaline conditions. Thus, this simple aggregation-, defect-, and stabilizer-free method is potentially important for the future application of rGO.