The development of an efficient and stable hole extraction layer (HEL) is crucial for commercializing organic solar cells (OSCs). Although a few candidates have been widely utilized as HELs for OSCs, the most appropriate material has been lacking. A few articles have recently reported graphene oxide (GO) as a well-working HEL that offers comparable performance to conventional HELs. However, a systematic study providing comprehensive insight into the GO-based OSC behavior is lacking. This article discusses broad topics, including the material properties, device efficiency, shelf lifetime, and impedance properties. We found that GO offers excellent properties, which are identical to those of conventional HELs, while the shelf lifetime shows a significant 6-fold increase. Furthermore, we discuss the significantly reduced space-charge limited region of an aged GO-based OSC compared with a PEDOT:PSS-based device, which is revealed to be a reason for the different shelf lifetime. We believe that the results will accelerate the development of GO as an HEL for OSCs and other optoelectronic devices.