Graphene, owing to its large specific surface area (SSA) and excellent electronic conductivity has been a focus of research as an electrode material in electrochemical capacitors (EC). However, van der Wall’s attraction between the individual graphene sheets results in stacking of sheets while fabricating electrodes. This phenomenon decreases the SSA and restricts electrolyte diffusion pathways thereby deteriorating the performance of EC. Another challenge is that bulk manufacturing of graphene with a low cost process does not exist. These challenges can be resolved by using reduced graphene oxide (RGO) which is structurally similar to graphene with few oxygen functional groups and defects. Solution based process to synthesize RGO are indeed facile. Furthermore, previous studies indicate that modified RGO morphologies can be used as potential electrode material for electrochemical capacitors (EC). By creating nanopores within the RGO sheets, the specific surface area of electrode and diffusion of electroactive species can be improved. Here, we present a simple solution based process to manufacture holey graphene from graphene oxide (GO) via microwave (MW) radiations. GO aqueous dispersion prepared by modified Hummer’s method can be converted to RGO via thermal, chemical or photochemical methods. Then, RGO in presence of hydrogen peroxide is irradiated with microwaves. The application of MW radiation generates OH free radicals, which etch the carbon atoms present at the active defective sites on RGO. This creates a carbon vacancy on RGO sheet, consequently extending to form the nanopores. This holey graphene is characterized using TEM, XPS, BET, Raman & FTIR. Next, holey graphene is utilized to build an electrochemical capacitor and tested to show improved diffusion of electrolyte and higher energy density. The fundamental knowledge gained from this study can also be applied in the fields of batteries, hydrogen storage and catalysis.