A facile methodology to synthesize the nitrogen-doped reduced graphene oxide (NG) via a solvothermal process exhibiting a substantial content of either pyrrolic-N or pyridinic N, is demonstrated. In the synthesis of NG, different amounts of dicyandiamide (DCDA) with a constant (1 g) amount of graphene oxide have been taken in DMF (solvent). This approach produced the nanosheets of N-doped graphene (NG-2) which possess optimum defect density and 10.58 % total nitrogen. Nitrogen within this NG material predominantly manifests in four distinct bonding configurations, with the most prevalent being pyrrolic-N. The solvothermally synthesized N-doped reduced graphene oxide exhibited good charge storage characteristics. Three electrode testing of NG-2 shows high specific capacitance (865.82 F/g at a particular current density of 0.5 A/g) and a high energy density (76.96 Wh/kg) in acidic conditions. This sample showed poor electrocatalytic activity for oxygen evolution reaction (OER). However, the material prepared with very high amount of DCDA (NG-4) showed a total N-content of 29 % with high contribution of pyridinic N, demonstrated good electrocatalytic activity for OER following the four-electron path. The Tafel slope of NG-4 sample is around 140 mV/dec which implies the facile conversion of OH− into O2, at relatively low overpotential within an alkaline system. Consequently, the synthesized dual-functional N-doped reduced graphene oxide material holds characteristics for the advancement of carbon-based energy storage materials, and simultaneously be utilized as catalyst for OER.