To address the practical application challenges of conductive polymer composites (CPCs) in portable electronics equipment, such as their low thermal conductivity (TC) and poor electromagnetic interference (EMI) shielding effectiveness (EMI SE), it is crucial to improve their TC, electrical conductivity(σ), and EMI SE of CPCs. In this work, we present a conducting composite made of ultrahigh molecular weight polyethylene (UHMWPE) and carbon nanostructures (CNS) with a unique segregated structure. This structure is achieved through a simple high-speed mechanical mixing and compression molding process. Microscopy characteristics demonstrated that both the matrix and segregated conductive network were in-situ oriented along the compress direction of UHMWPE granules under the static hot-pressing field. CNS are compacted together at the interface between UHMWPE granules to form an oriented and interconnected conductive pathways at low CNS loading levels. The resultant UHMWPE/CNS composites with 10 wt% CNS content exhibits excellent EMI shielding performance, with EMI SE of 60.7 dB (at X-band), high conductivity of 2.42 S/cm, and acceptable thermal conductivity of 0.7217 (W/m K). High EMI shielding performance and absorption dominant mechanism are beneficial from the unique segregated structure, and individual CNS coated UHMWPE granule are similar to an electromagnetic cage. Additionally, the ultimate tensile strength of the composite remains high at 37.6 MPa even at 10.0 wt% CNS loading, and it shows effective thermal stability. These properties are attributed to the strong interfacial bonding between CNS and UHMWPE. These materials have potential applications in efficient thermal management and EMI shielding for high-performance intelligent electrical devices.