Black phosphorus (BP) has a high theoretical capacity of 2596 mA h g −1 , which is promising for applications of lithium-ion batteries. However, during the process of charging and discharging, the extraction/insertion of lithium ions occurs, which causes severe volume expansion of the BP anode material, resulting in the collapse of the active material structure and a decline in the lithium storage performance of the material. It is still challenging to construct stable structures in the outer layer of BP materials to improve electrochemical performance. Here, we report a structurally stable BP-based composite by combining the ball milling method and in situ polymerization to improve the structural stability and electrochemical properties of the material. The initial discharge specific capacity of the PANI/(BP−CNT) composite is 2127.9 mA h g −1 , and the reversible capacity is 1150.7 mA h g −1 after 100 cycles. In addition, the mechanism responsible for the stable structure of the composite materials is discussed. The PANI in the composite has a swelling property that can greatly improve the stability of the material, and the CNT protects the edge structure of the BP from collapsing and improves the electrical conductivity of the material. This work provides an experimental design concept for the application of BP-based energy materials.