The ultrafast carrier dynamics and nonlinear optical properties in graphene oxide and reduced graphene oxide of different reduced time are investigated using pump-probe and Z-scan techniques with femtosecond laser pulses. Partially reduced graphene oxides are produced by expositing graphene oxide to the hydrazine vapor for different time. The extent of oxidation and contents of different functional groups in materials aremeasured by X-ray photoelectron spectroscopy. Results of pump-probe experiments show that the decay time of carrier relaxation of graphene oxide become shorter after being reduced. The amount of functional groups also affects the ultrafast dynamics process in reduced graphene oxide. For nonlinear optical properties, experiments of Z-scan results show that the saturable absorption property of graphene oxide is enhanced after being reduced. After reduction for a certain time, the enhancement of saturable absorption will not be changed visibly. It is greatly related to the extent of reduction.