The present study focuses on correlations between three parameters: (1) graphite particle size, (2) the ratio of graphite to oxidizing agent (KMnO4), and (3) the ratio of graphite to acid (H2SO4 and H3PO4), with the reaction yield, structure, and properties of graphene oxide (GO). The correlations are a challenge, as these three parameters can hardly be separated from each other due to the variations in the viscosity of the system. The larger the graphite particles, the higher the viscosity of GO. Decreasing the ratio of graphite to KMnO4 from 1:4 to 1:6 generally leads to a higher degree of oxidation and a higher reaction yield. However, the differences are very small. Increasing the graphite-to-acid-volume ratio from 1 g/60 mL to 1 g/80 mL, except for the smallest particles, reduced the degree of oxidation and slightly reduced the reaction yield. However, the reaction yield mainly depends on the extent of purification of GO by water, not on the reaction conditions. The large differences in the thermal decomposition of GO are mainly due to the bulk particle size and less to other parameters.