Graphene oxide (GO), which is an oxidized form of graphene, has a mixed structure consisting of graphitic crystallites of sp2 hybridized carbon and amorphous regions. In this work, we present a straightforward route for preparing graphene-based quantum dots (GQDs) by extraction of the crystallites from the amorphous matrix of the GO sheets. GQDs with controlled functionality are readily prepared by varying the reaction temperature, which results in precise tunability of their optical properties. Here, it was concluded that the tunable optical properties of GQDs are a result of the different fraction of chemical functionalities present. The synthesis approach presented in this paper provides an efficient strategy for achieving large-scale production and long-time optical stability of the GQDs, and the hybrid assembly of GQD and polymer has potential applications as photoluminescent fibers or films.