In this work, we employ a fast and less toxic modified Hummers' method to develop graphene oxide (GO) with varying degrees of oxidation and investigate the effect of the latter on the structure and the thermal properties of the synthesized materials. Two different key parameters, the time of the oxidation reaction and the mass of the oxidation agent, were systematically altered in order to fine tune the oxidation degree. All graphene oxides were characterized by a plethora of experimental techniques, like X-ray diffraction (XRD), differential scanning calorimetry (DSC), thermogravimetric analysis (TGA) as well as infrared spectroscopy (IR) and X-ray photoelectron spectroscopy (XPS) for their structural, thermal and chemical identification. The results revealed that for a certain amount of oxidant, the time does not affect the final degree of oxidation of the materials, at least for the examined reaction times, because very similar structural patterns and thermal properties were obtained. At the same time, the oxygen-containing functional groups were found very similar. On the other hand, the degree of oxidation was found highly dependent on the mass of the oxidizing agent. XRD analysis showed a systematic increase of the interlayer distance of the synthesized GOs with the increase of the oxidant mass, whereas both the enthalpy of reduction and the % weight loss were increased. Moreover, XPS measurements provided a quantitative evaluation of the amount of carbon and oxygen in the materials; the increase of the oxidant mass led to a decrease of the total carbon content with the concurrent increase of the total oxygen amount.