Graphite oxide is an inorganic multilayer system that preserves the layered structure of graphite but not the conjugated bond structure. In the past few years, detailed studies of the static structure of graphite oxide were carried out. This was mainly done by NMR investigations and led to a new structural model of graphite oxide. The layer distance of graphite oxide increases with increasing humidity level, giving rise to different spacings of the carbon layers in the range from 6 to 12 angstrom. As a consequence, different types of motions of water and functional groups appear. Information about the mobility of the water molecules is not yet complete but is crucial for the understanding of the structure of the carbon layers as well as the intercalation process. In this paper, the hydration- and temperature-dependent dynamic behavior of graphite oxide will be investigated by quasielastic neutron scattering using the time-of-flight spectrometer NEAT at the Hahn-Meitner-Institut Berlin. The character of the embedded water does not change over a wide range of hydration levels. Especially the interlayer water remains tightly bound and does not show any translational motion. In samples with excess water, however, the water is also distributed in noninterlayer voids, leading to the observation of additional motions of bulklike or confined water. The dynamic behavior of hydrated graphite oxide can be described by a consistent model that combines two two-site jump motions for the motions of the water molecules and the motions of OH groups.