Graphene Oxide Liquid Crystal (GOLC) is a newly emerging graphene based material, which exhibits nematic type colloidal discotic liquid crystallinity with orientational ordering of graphene oxide flakes in good solvents, including water. Since our first discovery of GOLC in aqueous dispersion at 2009, this interesting mesophase has been utilized over world-wide for many different application fields, such as liquid crystalline graphene fiber spinning, highly ordered graphene membrane/film production, prototype liquid crystal display and so on. Interestingly, GOLC also allow us a valuable opportunity for the highly ordered molecular scale assembly of functional nanoscale structures. This presentation will introduce our current status of GOLC research particularly focusing on the nanoscale assembly of functional nanostructures. Besides, relevant research works associated to the nanoscale assembly and chemical modification of various nanoscale graphene based materials will be presented.