We report a systematic study of room temperature large positive and negative magnetoresistance (MR) in the reduced graphene oxide (RGO) thin-film devices grown by pulsed-laser deposition (PLD) at high and low applied magnetic fields, respectively. Raman spectroscopy, X-ray photoelectron spectroscopy, and electrical measurements on the RGO films help to explain the observed MR properties in the device. The temperature-dependent (5-400 K) electrical characterization of the thin films shows two distinct transport regimes: at low temperature, it follows 2-D Efros-Shoklovoski variable range hopping (VRH) transport mechanism and above 200 K, the device shows Arrhenius-like transport behavior. The crossover from VRH transport to Arrhenius transport is due to shortening in the characteristic lengths in the disordered 2-D system. We interpret the source of negative MR by vacancy and disorder-induced magnetic moments and the diffuse scattering at crystallite boundaries. At the high applied magnetic field, the lifting in degeneracy due to the Lorentz force explains the large positive MR effect. The highest value of the measured MR (160%) is surprisingly high for a non-magnetic material at room temperature, which can be attributed to the greater inhomogeneity in the PLD grown wafer-scale RGO thin films.