A method to fractionate and isolate components of oxidized graphene material is provided that includes fractionating a system that includes graphene oxide, a solvent and water, wherein the fractionation creates two phases or fractions: (i) a water phase or fraction that contains highly oxidized graphene oxide, and (ii) a solvent-in-water emulsion phase or fraction that contains a graphene-based material. The graphene-based material is recovered from the solvent-in-water phase or fraction. Fractionation of the solvent-in-water emulsion phase or fraction may be repeated. The graphene-based material (uGO) may be used in a range of applications, e.g., a medical device, a nanoelectronic, an electromechanical system, a sensor, a composite, a catalysis, and energy storage device, and an optics application.