Time-resolved photoconductivity measurements are carried out on graphene films prepared by using soluble graphene oxide. High photocurrent generation efficiency is observed for these graphene-based films, and the relationships between their photoconductivity and different preparation methods, incident light intensity, external electric field, and photon energies are investigated. Higher photoconductivity is observed with higher photon energy at same incident light intensity. By fitting the experimental data to the Onsager model, the primary quantum yields for charge separation to generate bound electron-hole pairs and the initial ion-pair thermalization separation distance are calculated.