A study on capacitive characteristics of stylus pen for touch panel are progressed in this paper. Also the main factors for capacitive sensitivity are studied. Namely, highly sensitive stylus pen which can be applied to capacitive touch panel are studied based on the analysis of materials and process conditions regardless of pattern shapes. Stylus pen was made of PDMS(Poly-Di-Methyl-Siloxane) and conductive metal powders which does not damage the touch panel surface. We tried to get the advantages of both the properties of soft PDMS and conductive metal powders. We found that potential difference of capacitance change with conductivity of the composite materials(PDMS + metal powders) it implies that during touch process, large voltage difference can be caused by the high conductive materials of stylus pen. Stylus pen made by PDMS with mixed with Ag powders which has large conductivity shows more capacitance change of 1 pF than PDMS with other materials of Ni or C powders.