The present disclosure provides a high heat radiation composite material including a hybrid filler comprising expanded graphite filled with expandable polymeric beads, and a fabrication method thereof. In the method, a dispersion solution is prepared by dispersing expandable polymeric beads in ethanol. Expanded graphite is immersed in the dispersion solution, and heat-treated to remove ethanol, thereby producing the hybrid filler. The hybrid filler is dispersed into the matrix polymer via an extrusion/injection process, thereby producing the composite material.