The production of reactive oxygen species (ROS) from graphene oxide quantum dots (GOQDs) and chemically reduced GOQDs (rGOQDs) was studied. This shows that GOQDs and rGOQDs produce ROS including singlet oxygen (1O2), hydrogen peroxide (H2O2) and superoxide anion (O2˙-). Interestingly, the rGOQDs exhibit a higher yield of ROS under white light in comparison with GOQDs, indicating the enhanced photodynamic effect through chemical reduction of GOQDs. Studies on the relation between their structures and the yield of ROS demonstrate that the reduction of GOQDs with hydrazine hydrate decreases the band gap and valence band of GOQDs and results in more electron-hole pairs, which leads to an improvement in the yield of ROS from rGOQDs. This research explores the specific species of ROS generated from GOQDs, and provides an efficient avenue to improve the yield of ROS through surface modification of GOQDs.