Graphene oxide (GO) is an important nanomaterial for producing photonic liquids due to its ability to display full-color reflections in water. However, the poor stability of GO photonic liquids and unsatisfactory dispersibility of GO nanosheets in hydrophobic liquid media have been significant drawbacks to developing photonic materials based on GO. Here, stable GO hydrophobic photonic liquids are demonstrated for the first time. GO nanosheets are directed into different hydrophobic liquid media, including reactive liquid precursors like tetraethoxysilane and ethyl acrylate, in the presence of phase transfer additives. These liquids exhibit tunable reflection wavelength up to ∼1300 nm with improved stability relative to aqueous GO photonic suspensions at elevated temperatures or under ambient conditions. Supported by an entropy-driven depletion mechanism, hydrophobic additives can effectively mediate the self-assembly of GO to produce tunable photonic liquids without the need to adjust GO concentrations. Furthermore, simultaneous infrared and visible light reflection can be achieved, enabling infrared photonic GO liquids to display visible colors. The improved stability and tunable photonic properties of hydrophobic GO liquids will open a way for developing GO-based optical materials and devices.