Composite bipolar plates with excellent performance play a crucial role in improving the overall performance of proton-exchange-membrane fuel cells. However, for graphite/resin composite bipolar plates, their electrical conductivity and mechanical properties are often too complex to meet the needs of users at the same time. Although nanoconductive fillers can alleviate this problem, the performance improvement for composite bipolar plates is often limited due to problems such as agglomeration. In this study, a uniformly dispersed multi-walled carbon nanotube network was prepared by in situ vapor deposition on the surface and pores of expanded graphite, which effectively avoided the problem of agglomeration and effectively improved the various properties of the composite BPs through the synergistic effect with graphite. With the addition of 2% in situ deposited carbon nanotubes, the modified composite bipolar plate has the best conductivity (334.53 S/cm) and flexural strength (50.24 MPa), and all the properties can meet the DOE requirements in 2025. Using the in situ deposition of carbon nanotubes to modify composite bipolar plates is a feasible route because it can result in multi-walled carbon nanotubes in large quantities and avoid the agglomeration phenomenon caused by adding nanofillers. It can also significantly improve the performance of composite bipolar plates, achieving the high performance of composite bipolar plates at a lower cost.