The article presents a basic scheme of graphene oxide modifications and applications of these products in wastewater treatment and biomedical applications. The main part concerns one particular modification, namely etching (hole formation) in the carbon layer. 30% hydrogen peroxide was used as an etching agent to gain holey GO (HGO). The paper describes the change in morphology, thermal stability and reactivity after etching and reduction of GO. Prepared materials (GO, reduced GO and HGO) were tested for the adsorption of micropollutants from model solutions. The concentration of analytes was measured by the HPLC–MS/MS method. The adsorption efficiency for paracetamol, atenolol and metformin differed for the type of GO modification (HGO ≥ GO > rGO). The adsorption of pharmaceuticals from real wastewater samples depended on the contact time and the amount of adsorbent, with the best results being obtained for unmodified GO.