Polyaniline-fly ash (PANI-FA) composites were prepared by oxidative polymerization of aniline with fly ash in presence of ammonium persulphate (APS). The PANI-FA composites were prepared with different concentrations of fly ash to aniline ratio. The composites, so prepared, were characterized by UV-vis spectroscopy, Fourier transform infrared (FTIR) spectroscopy, scanning electron microscopy (SEM) and thermogravimetric analysis (TGA). The thermal stability was studied by TGA and total weight loss of PANI, FA and PANI-FA composites having FA composition of 0.02%, 0.1%, 0.5% and 1.0% were found to be 82%, 39%, 67% 65%, 62% and 61%, respectively. The UV-vis spectroscopy of the PANI-FA polymeric composite shows absorption maxima at 315 and 350 nm (due to π-π* transition of the benzenoid rings), and 578-712 nm (due to charge transfer excitations of the quinoid structure), which are characteristic of emeraldine base. FTIR spectra of the PANI-FA composite is similar to that of pure polyaniline (PANI) but with the bands for C = N, C = C and C-N shifted to lower wave numbers, i.e., 1585, 1494, 1327 and 1113 cm −1 due to strong interaction of Fe 2 O 3 and PANI matrix. SEM shows the complexation of metal oxide with emaraldine base of PANI, significantly changing the aggregate state of polymeric molecular chain.