The invention discloses modified graphene oxide and a preparation method thereof. The modified graphene oxide is prepared from, by weight, 10 parts of graphene oxide, 10-50 parts of polyamine, 20-200parts of a mixture composed of polyisocyanate and monoisocyanate and 500-2000 parts of a solvent by dissolving and dispersing the graphene oxide in the solvent for preparing a dispersion liquid, adding the polyamine into the dispersion liquid, raising the temperature to 90-120 DEG C after the polyamine is added, carrying out reduction modification on the graphene oxide, reacting for 4-48 hours, adjusting the temperature to 50-100 DEG C, adding the mixture of polyisocyanate and monoisocyanate, and reacting for 4-48 hours to obtain a modified dispersion liquid. According to the preparation method, the principle that the graphene oxide is reduced by amido is utilized, and the graphene oxide is modified and reduced by the polyamine in the solvent, the mixture of polyisocyanate and monoisocyanate is added to terminate the amido, so that the influence of the amido on spandex chain extension is eliminated, the interlayer spacing of lamellas is further increased, and the crosslinking between the graphene lamellas is greatly reduced.