Graphene oxide is a complex material whose synthesis is still incompletely understood. To study the time evolution of structural and chemical properties of oxidized graphite, samples at different temporal stages of oxidation were selected and characterized through a number of techniques: X-ray photoelectron spectroscopy for the content and bonding of oxygen, X-ray diffraction for the level of intercalation, Raman spectroscopy for detection of structural changes, electrical resistivity measurements for probing charge localization on the macroscopic scale, and scanning 2 transmission electron microscopy for the atomic structure of the graphene oxide flakes. We found a non-linear behavior of oxygen uptake with time where two concentration plateaus were identified: uptake reached 20 at.% in the first 15 minutes, and after one hour a second uptake started, reaching a highest oxygen concentration of more than 30 at.% after two hours of oxidation. At the same time, the interlayer distance expanded to more than twice the value of graphite and the electrical resistivity increased by 7 orders of magnitude. After four days of chemical processing, the expanded structure of graphite oxide became unstable and spontaneously exfoliated; more than two weeks resulted in a significant decrease of the oxygen content accompanied by re-aggregation of the GO sheets. These correlated measurements allow us to offer a comprehensive view into the complex oxidation process.