The electro-Fenton system has the ability to degrade wastewater and has received attention from many researchers. Currently, the core development objective is to effectively increase the degraded wastewater decolorization efficiency in the system. In this study, to improve the electro-Fenton system reaction rate and overall electrical properties, we used polyvinylidene difluoride to fix carbon nanotubes (CNTs) and graphene onto the system cathode (carbon felt electrode), which was then used to process Reactive Black 5 wastewater. Furthermore, we (1) used scanning electron microscopy to observe the structural changes in the electrode surface after modification; (2) used the Tafel curve to determine the electrode corrosion voltage and corrosion rate; and (3) analyzed the azo-dye decolorization level. The results showed that the maximum system decolorization rates of the CNT- and graphene-modified carbon felt electrodes were 55.3% and 70.1%, respectively. These rates were, respectively, 1.2 and 1.5 times higher than that of the unmodified carbon felt electrode, implying that we successfully improved the cathode characteristics. The modified electrode exhibited an improved conductivity and corrosion resistance, which, in turn, improved the system decolorization efficiency. This significantly increased the electro-Fenton system overall efficacy, making it valuable for future applications.