Ni/CGO cermets were fabricated as the anode for SOFC which uses CGO as the electrolyte. And their electrical conductivity, electrochemical reactivity, and thermal expansion coefficient were optimized through the variation of NiO/CGO particle size ration and their composition. The electrical conductivity of the cermet was increased abruptly at a certain Ni content and the percolation concentration was decreased with the decreasing particle size ratio. Anodic overpotential was also decreased with the decreasing particle size ratio. For a fixed ratio it showed a minimum value at 50 wt.%. Thermal expansion coefficient was increased monotonically with increasing Ni contents, however it did not depend on the size ratio. With three properties taken into account, the cermet of particle size ration of 0.03 and composition of 50 wt.% was judged to be optimal as the anode.