In order to meet the needs of constantly advancing technologies, fabricating materials with improved properties and predictable behavior has become vital. To that end, we have prepared polydimethylsiloxane (PDMS) polymer samples filled with carbon nanofibers (CFs) at 0, 0.5, 1.0, 2.0, and 4.0 CF loadings (w/w) to investigate and optimize the amount of filler needed for fabrication with improved mechanical properties. Samples were prepared using easy, cost-efficient mechanical mixing to combine the PDMS and CF filler and were then characterized by chemical (FTIR), mechanical (hardness and tension), and physical (swelling, thermogravimetric analysis (TGA), differential scanning calorimetry (DSC), and coefficient of thermal expansion) analyses to determine the material properties. We found that hardness and thermal stability increased predictably, while the ultimate strength and toughness both decreased. Repeated tension caused the CF-filled PDMS samples to lose significant toughness with increasing CF loadings. The hardness and thermal degradation temperature with 4 wt.% CF loading in PDMS increased more than 40% and 25 °C, respectively, compared with the pristine PDMS sample. Additionally, dilatometer measurements showed a 20% decrease in the coefficient of thermal expansion (CTE) with a small amount of CF filler in PDMS. In this study, we were able to show the mechanical and thermal properties of PDMS can be tuned with good confidence using CFs.