A composite material and an electronic device are disclosed in embodiments of the present invention, relating to the field of electronic assembly technologies. The technical problem of the existing electronic device with an excessively complicated internal structure is solved. The composite material includes an electrically and thermally conductive layer, a viscose glue layer, and an insulating layer, where the electrically and thermally conductive layer and the insulating layer are pasted at two sides of the viscose glue layer; the viscose glue layer is electrically conductive. The electronic device includes a circuit board and the composite material. Gaps are formed at the insulating layer in positions corresponding to electronic components and/or shielding frames, with the viscose glue layer exposed, the composite material is pasted onto the electronic components and/or the shielding frames via the viscose glue layer. The present invention is applied to simplify the structure of an electronic device.