In this study, we investigate how changing important synthesis-related parameters can affect and control the optical characteristics of graphene oxide (GO) and reduced graphene oxide (rGO). These parameters include drying time and reduction time at two different temperatures. We obtain an understanding of their impact on optical transitions, optical bandgap, absorption coefficient, and absorbance spectrum width by analyzing these factors. Accordingly, GO has an optical bandgap of about 4 eV, which is decreased by the reduction process to 1.9 eV. Both GO and rGO display greater absorption in the visible spectrum, which improves photon capture and boosts efficiency in energy conversion applications. Additionally, our results show that GO and rGO have higher absorption coefficients than those previously reported for dispersions of exfoliated graphene. Defects in GO and rGO, as well as the presence of functional oxygen groups, are the main contributors to this increased absorption. Several measurements are carried out, including spectroscopic and morphological studies, to further support our findings.