Abstract: The anisotropic conductive polymer composites (ACPCs) have great application potential in integrated circuits, sensors, thermal management and other fields because of their unique anisotropic conductive and thermal properties. In this experiment, the carbon fiber (CF) and high-density polyethylene (HDPE) films were used as raw materials. The CF was pretreated at high temperature firstly and then used to make a carbon fiber network by ultrasonic dispersion and vacuum filtration technology. Subsequently, the HDPE/CF composites with anisotropic conductivity were fabricated by hot-pressing molding technique. DSC, SEM, TG and conductivity tests were performed to analyze the microstructure, thermal and conductive properties of composites. Then the anisotropic conduction behavior of HDPE/CF was monitored by the integrated circuits and IR thermal camera. HDPE layer and CF web layer are arranged alternately and closely combined. The alternating multilayer structure endows HDPE/CF composites with special intra layer conductivity and interlayer insulation, showing typical anisotropic conductivity. HDPE/CF composites exhibit excellent electrical conductivity in the X and Y directions (with conductivity up to 85.71 S/m), which is 5-7 orders of magnitude higher than the Z direction. The introduction of alternating multilayer structure and CF web significantly improves the thermal stability of HDPE/CF composite, and its initial thermal decomposition temperature is increased by about 35℃ compared with that of HDPE film. It exhibits excellent current-carrying capability and remarkable conductive anisotropy, exhibiting great application potential in circuit connection, directional conduction, thermal management and other fields.