Graphene oxide (GO), which is the oxidized form of graphene, has holes and functional groups on the surface and thus has high potential to be used as an electrochemical transport channel material. In this study, differently modified GO membranes are applied as electrolytes of proton exchange membrane fuel cells (PEMFCs) with controlled carbon/oxygen ratios. The critical and desired properties of the electrolyte, such as electron conductivity, proton conductivity, interfacial reactivity, and cell performance are evaluated in identical platinum-sputtered model electrodes. Among them, with the help of an increased concentration of oxygen-containing groups, a GO membrane with a low carbon/oxygen ratio shows a 2.9-fold improved maximum power density and advanced electrochemical properties compared with the pristine GO membrane. The characterization of GO suggests that the redox state of the membrane is an important factor for controlling the proton conductivity, interfacial reactivity, and maximum power density of PEMFCs.