Synthesis of reduced graphene oxide (RGO) from graphite oxide (GO) usually involves the use of some harmful reducing agents. Here, we report a simple approach for the reduction of GO at room temperature using a mixture of potassium iodide and hydrochloric acid. The reduction of GO involves (a) iodide mediated epoxide ring-opening, resulting in hydroxyl groups and dehydration to the corresponding olefins, (b) hydroxyl group substitution by iodide ions, and (c) elimination of iodide ions on the surface. The as-synthesized RGO has an electrical conductivity of 1251 S m⁻¹ and an excellent electrocatalytic activity. The electrocatalytic activity of RGO towards the electrochemical reduction of oxygen and the oxidation of hydrazine was investigated. The RGO-based electrode showed pronounced electrocatalytic activity towards the reduction of oxygen and the oxidation of hydrazine in 0.1 M KOH. At alkaline pH, the reduction of oxygen and oxidation of hydrazine were observed at −0.35 and 0.5 V, respectively. In comparison with the bare glassy carbon (GC) electrode, a spectacular decrease in the overpotential and considerable increase in the oxidation peak current for hydrazine were observed on the RGO-based electrode without using any redox mediator. The RGO-based platform is highly sensitive towards the electrochemical oxidation of hydrazine and reproducible results were obtained. Moreover, the RGO-based electrode showed excellent operational and long time storage stabilities. The sensitivity of the electrode was calculated to be 0.137 ± 0.02 μA mM⁻¹.