This paper reported the preparation of magnetic graphene foam loaded with magnetite (Fe3O4) nanoparticles and its application for the adsorption of oil and organic solvents. The foam with porous and hierarchical structures was derived from graphene oxide film reduced by gaseous reduction in a hydrothermal system. Drastically different morphologies of Fe3O4 nanoparticles with nanosheet arrays or cubic structures were observed on graphene foam by controlling the reduction degree of graphene oxide under mild conditions. Benefiting from the integration of porous structures and magnetic properties, the graphene foam manifests outstanding oil adsorption capacity, high restoration for absorbates as well as excellent recyclability and stability under cyclic operations. The simple and effective strategy for the preparation of graphene foams developed in this study may offer a new alternative for scale-up production of graphene materials used for the cleanup of oil spills.