The effect of polycarbonate (PC) matrix viscosity on the thermal conductivity of a PC/vapor-grown carbon fiber (VGCF) composite was investigated in this study in terms of the rheological properties of the PC/VGCF using two types of VGCF. Two types of VGCF, which have different aspect ratios (VGCF-h has an aspect ratio of 40, whereas VGCF-s has an aspect ratio of 100), were added to two types of PC with different viscosities. The storage modulus (G¢) and loss modulus (G 00 ) of the PC slightly increased and thermal conductivity gradually increased with the content of VGCF-h. By adding VGCF-s to low-viscosity PC, rheological properties originating in the network structure were observed. Thermal conductivity of low-viscosity PC drastically increased with the content of VGCF-s. By analyzing the length of VGCF in each composite, we found that the length of VGCF decreased with mixing. It was also easy to shorten VGCF in high-viscosity PC. We clarified that the thermal conductivity of PC/VGCF could be controlled with the viscosity of the polymer matrix because the spread of the network structure of VGCF and/or the breaking of VGCF depended on the viscosity of the polymer matrix.