The invention relates to a method for improve lubricating oil lubricity and thermal conductivity by utilizing graphene oxide. The method comprises a step 1) of sequentially adding potassium thiosulfate, phosphorus pentoxide and concentrated sulphuric acid into a flask, dissolving the raw material at 80 DEG C, adding graphite powder, and performing stirring at 80 DEG C; after the reaction is over, adding deionized water, finally using the deionized water to perform suction filtration many times, and performing drying at 50 DEG C; a step 2) of adding a pre-oxidized product into concentrated sulphuric acid, slowly adding potassium permanganate under ice-bath, reacting at 35 DEG C, slowly adding deionized water, finally pouring the product into the flask, and then adding deionized water and hydrogen peroxide; a step 3) of performing acid pickling on the product through hydrochloric acid, and using a dialysis bag to perform dialysis in the deionized water; a step 4) of performing mixed reaction of graphene oxide, ethyl alcohol and octadecylamine, using the ethyl alcohol to perform suction filtration and cleaning, and obtaining a final product after drying. According to the method, the lubricating oil lubricity and thermal conductivity are improved, the whole process is simple to operate and safe, and the effect is good.