In this work we demonstrate comprehensive studies on graphene oxide (GO) and reduced graphene oxide (rGO) based saturable absorbers (SA) for mode-locking of Er-doped fiber lasers. The paper describes the fabrication process of both saturable absorbers and detailed comparison of their parameters. Our results show, that there is no significant difference in the laser performance between the investigated SA. Both provided stable, mode-locked operation with sub-400 fs soliton pulses and more than 9 nm optical bandwidth at 1560 nm center wavelength. It has been shown that GO might be successfully used as an efficient SA without the need of its reduction to rGO. Taking into account simpler manufacturing technology and the possibility of mass production, GO seems to be a good candidate as a cost-effective material for saturable absorbers for Er-doped fiber lasers.