Multi-walled carbon nanotubes (MWCNTs) and graphene oxide (GO) reinforced carbon foam (CF) composite were prepared by direct pyrolysis of MWCNTs, GO and mesophase coal tar pitch. The effect of additive amount of the mixture of MWCNTs and GO on the microstruture and properties of carbon foam was analzyed by transmission electron miscroscopy (TEM), scanning electron microscopy (SEM), X-ray diffraction (XRD), Four-probe resistance meter, universal testing machine, and laser thermal conductivity tester respectively. The result shows that MWCNTs and GO had significant impact on the microstructure of carbon foam. Futhermore, the electrical, mechanical and thermal properties of carbon foam composites were significantly enhanced by increasing the additive amount. Maximum compressive strenght of 19.2 MPa and Young’s modulus of 56.8 MPa of CF composite were observed. Similarly, Highest thermal conductivity of 30.91 W/m.K and electrical conductivity of 27.2 ×103 S/m were observed at 2 wt. % of MWCNTs-GO additive loading.