This review is dedicated to the detailed analysis of laser reduction of graphene oxide (GO). We discuss the issues of synthesis, structural models, and the ways to adjust material properties. We also show chemical and thermal processes - two main photoinduced mechanisms that turn GO dielectric films to electrically conductive structures. The synergy of these two effects combined is also described. We present a critical analysis of the influence of laser parameters to local material properties. We compiled a table summarizing all data published on laser reduction of GO. Finally, we discuss various applications such as in electronics, photovoltaics, energy, and flexible sensors, including medical devices. This research promotes the future study of laser interaction with carbon materials, their transformation, properties manipulation, and application in full-carbon electronics.