As Allen has indicated, there is no hope to solve this question even for $G=GL_n.$ However, there are some representations that are mild enough to be analogous to the vector (or standard) representation of $GL_n$ on $\mathbb{C}^n$ (all non-zero vectors belong to the same orbit) or to the adjoint representation of $GL_n$, where the classification problem is equivalent to determining the conjugacy classes of matrices. The following classes of "well-behaved" representations, listed in the order of increasing complexity, have been extensively studied: multiplicity-free actions, prehomogeneous vector spaces, Kostant--Rallis actions. In particular, $\mathbb{C}^n, S^{2}\mathbb{C}^n$ and $\Lambda{^2}\mathbb{C}^n$ are multiplicity-free and $M_{n,n}$ is a Kostant--Rallis action. For all these classes, the invariant algebra is either trivial (scalars) or a free commutative algebra. Unfortunately, most representations fall outside of these classes, even if you restrict attention to the irreducible polynomial representations of $GL_n.$