The present disclosure relates to a process for preparing of high thermal conductivity and high heat capacity oriented ultrahigh molecular weight polyethylene (UHMWPE) product. The process includes feeding UHMWPE through rollers to obtain a pre-laminate which is further hot stretched to obtain the oriented UHMWPE product having high thermal conductivity and high heat capacity. The temperature of stretching is maintained below the melt temperature of the UHMWPE throughout the entire process. There is also provided a high thermal conductivity and high heat capacity oriented UHMWPE product prepared by the process of the present disclosure. The oriented UHMWPE product is characterized in the axial thermal conductivity in the range of 70 to 200 W/mK, transverse direction thermal conductivity in the range of 0.022 to 0.045 W/mK and heat capacity in the range of 6 to 25 MJ/m3K.