Conductive polymer composites (CPCs) with nanocarbon fillers are at the high end of modern materials science, advancing current electronic applications. Herein, we establish the interplay between the chemistry and electrophysical properties of reduced graphene oxide (rGO), separately and as a filler for CPCs with the segregated structure conferred by the chemical composition of the initial graphene oxide (GO). A set of experimental methods, namely X-ray photoelectron spectroscopy (XPS), ultraviolet-visible spectroscopy, van der Paw and temperature-dependent sheet resistance measurements, along with dielectric spectroscopy, are employed to thoroughly examine the derived materials. The alterations in the composition of oxygen groups along with their beneficial effect on nitrogen doping upon GO reduction by hydrazine are tracked with the help of XPS. The slight defectiveness of the graphene network is found to boost the conductivity of the material due to facilitating the impact of the nitrogen lone-pair electrons in charge transport. In turn, a sharp drop in material conductivity is indicated upon further disruption of the π-conjugated network, predominantly governing the charge transport. Particularly, the transition from the Mott variable hopping transport mechanism to the Efros–Shklovsky one is signified. Finally, the impact of rGO chemistry and physics on the electrophysical properties of CPCs with the segregated structure is evaluated. Taken together, our results give a hint at how GO chemistry manifests the properties of rGO and the CPC derived from it, offering compelling opportunities for their practical applications.