Carbon black (CB) has been widely used in many fields; because the color depth of CB is not as good as dyes, black depth and color fastness cannot meet the requirements of users. Therefore, the application of CB in the textile field is greatly restricted. For this purpose, in this paper, we prepared liquid DB@CB (disperse black dye (DB)-modified carbon black) using mixed milling of CB and DB (consisting of Disperse Blue 79, Disperse Orange 288, and Disperse Violet 93). Using the dip-dry-bake method, polyester/spandex fabrics with excellent color fastness, deep black color, and good electrical conductivity were prepared. The rheological properties and interactions of CB and DB were studied by rheometer and transmission electron microscopy (TEM), the effects of DB@CB concentration on fabric resistance and electrical conductivity were investigated, the properties of DB@CB dyed fabrics were characterized by scanning electron microscopy (SEM) and X-ray photoelectron spectroscopy (XPS), and the stability and conductivity mechanism of liquid DB@CB were analyzed. The results showed that the liquid DB@CB was a pseudoplastic fluid based on strong intermolecular interaction by repulsive forces of CB and attractive forces of DB, improving the ordered arrangement and stability of CB and DB molecules. The liquid DB@CB showed a two-dimensional lamellar structure with a vortex-shaped helical molecular arrangement between CB and DB. The polyester/spandex fabrics dyed with DB@CB, had polygonal crystal structures and π−π* intermolecular interactions. It not only improved the conductivity of the fabric but also shows excellent color fastness, which can meet the application requirements of textiles and apparel for deep black, conductivity, and color fastness.