The conductivity of graphite oxide films is modulated using reducing agents. It is found that the sheet resistance of graphite oxide film reduced using sodium borohydride (NaBH4) is much lower than that of films reduced using hydrazine (N2H4). This is attributed to the formation of CN groups in the N2H4 case, which may act as donors compensating the hole carriers in reduced graphite oxide. In the case of NaBH4 reduction, the interlayer distance is first slightly expanded by the formation of intermediate boron oxide complexes and then contracted by the gradual removal of carbonyl and hydroxyl groups along with the boron oxide complexes. The fabricated conducting film comprising a NaBH4-reduced graphite oxide reveals a sheet resistance comparable to that of dispersed graphene.