Epoxy/graphite/expanded graphite composites have been prepared in various weight ratios and thermal degradation and electrical properties were estimated in order to use for the bipolar plate materials in PEMFC. Thermogravimetric analysis (TGA) showed that the epoxy/graphite system cured by a curing agent GX-533 was most proper because its weight loss until $80^{circ}C$ at which PEMFC would be operated was 0.3 wt%, and differential scanning calorimetry (DSC) analysis showed its cure temperature would be sufficient at $80^{circ}C$. The activation energy for the cure reaction was 132.0 kJ/mol and the pre-exponential factor was $1.76{ imes}10^{17}min^{-1}$. Electrical conductivity on the surface of the bipolar plate prepared under a pressure of 200 $kgf/cm^2$ was increased from 4 to 25 $S/cm^2$ by increasing expanded graphite (EG) content from 50 phr to 90 phr. The percolation threshold was initiated around 75 phr and the corrosion rate at 80 phr was 1.903 $uA/cm^2$.