Expanded graphite (EG)/Ag nanoparticle composites were synthesized by the chemical reduction of Ag ions, followed by the addition of expanded graphite into an Ag reducing solution. The prepared composites showed uniform dispersion of Ag nanoparticles on the surface of expanded graphite and exhibited relatively higher thermal conductivities than those of pure expanded graphite. In the case of 10% Ag content in the composite, the thermal conductivity in the thickness direction was 78% higher than the pure expanded graphite. We suggest that EG/Ag nanoparticle composites are a strong candidate for advanced heat spreading material.