Chitosan-functionalized graphene oxides (FGOCs) were successfully synthesized. FGOCs were found to significantly improve the solubility of the GO in aqueous acidic media. The presence of organic groups was confirmed by means of XPS and TGA. Restoration of the sp2 carbon network and exfoliation of graphene sheets were confirmed by Raman spectroscopy, UV-visible spectroscopy and WAXD. The SEM and AFM investigations of the resultant FGOCs showed that most of the graphene sheets were individual and few were layered. Controlled release behavior of Ibuprofen and 5-fluorouracil was then investigated. We found that FGOCs are a promising new material for biological and medical applications.