Free-standing films of graphene oxide (GO) are regarded as potential materials for numerous applications in different fields. However, fabricating macroscopic free-standing GO films with high throughput is a bottleneck in large-scale application of these films. Here we introduce a method suitable for the mass-scale fabrication of freestanding GO films by exploring paraffin film (Parafilm M (R)) as a sacrificial substrate. The method involves deposition of GO on a paraffin film and peeling of the paraffin film after swelling it with toluene to obtain freestanding film of GO. Furthermore, the GO films were reduced into highly conductive RGO films using a green reducing agent ascorbic acid. A strategy of treating GO films with CuSO4 solution prior to reduction is also designed to avoid the possible disintegration of GO films in ascorbic acid solution. A detailed comparative study on the properties of RGO films prepared via thermal and chemical treatment and through the combination of both is also reported. An investigation of the variation in the electrical conductivity of the RGO films based on the reduction method is also carried out. The hydrophobic nature of the thermally reduced RGO films is explored for the oil/ water separation.