Polystyrene (PS) composites containing graphene nanoplatelets (GNPs) and carbon nanofibers (CNFs) were prepared through solution compounding processing. The results showed that more compact network structure was formed in the ternary PS/GNP/CNF composites, and the composites exhibited apparently enhanced heat resistance compared with the pure PS sample. Conductive properties measurements showed that largely reduced percolation threshold was achieved for the ternary PS/GNP/CNF composites. Furthermore, the PS/GNP/CNF composites had good thermal conductivity. At GNP content of 2 vol% and CNF content of 5.5 vol%, the thermal conductivity was enhanced to 1.12 W/mK, which was 522% higher than that of the pure PS sample. The potential application of the PS composites as the material of heat radiator was also evaluated, and the results showed that the composites exhibited excellent heat transferring ability. This work indicates that the PS/GNP/CNF composites may be used in the field relating to high temperature and load conditions.