Epoxy graphene (EG) was synthesized from graphite (GT) powder using meta chloroperbenzoic acid (mCPBA) as an oxidizing agent at room temperature. Structural properties of the prepared EG were investigated by Fourier transform infrared (FT-IR) spectroscopy, Raman spectroscopy and UV-visible spectroscopy. Results of FT-IR and Raman spectroscopy confirmed that the epoxy groups are incorporated into graphene basal planes. The layered structure of EG was determined using transmission electron microscope (TEM). Optical properties of the prepared EG were analyzed using UV-visible spectroscopy and Photo luminescence (PL) spectroscopy. From the UV-visible spectroscopy data, the band gap of EG was found to be 4.1 eV and this energy gap was roughly correlated with the maximum photoemission behavior of EG and the fluorescence energy was found to be dependent on the excited wavelength. These novel functional materials could be used for applications in the field of opto-electronic and light emitting devices.