The current study reports the synthesis of expanded graphite (EG) in two different ways and its fabrication with epoxy matrix to form composite at various filler fractions (5, 10, 12.5). One type EG (EG-C) is prepared by the electrochemical process using natural graphite flake (NGF), concentrated sulfuric acid, and ammonium persulfate, while the other (EG-P) is just mixing and heating of NGF with zinc nitrate hexahydrate. The functional groups of synthesized EG were confirmed by Fourier transform infrared spectroscopy. The surface morphology and microstructure of synthesized filler (EG-C, EG-P) were studied using X-ray diffraction, scanning electron microscopy, and transmission electron microscopy. An optimum through-plane thermal conductivity (TC) of 2.04 and 2.22 W/mK was observed in the case of the composites containing 12.5 wt% of EG-C and EG-P, respectively. The obtained experimental TC was compared with three numerical thermal models, that is, inverse rule of mixture, Maxwell–Eucken model, and Agari model. Furthermore, the thermal stability of both composites was compared by using a thermogravimetric analyzer. The electrical resistivity of EG-P/epoxy composite at different formulations was higher than the EG-C-filled epoxy composites.