Expanded graphite (EG) is a promising material in field emission due to its high conductivity, thermal stability, and low cost. In this paper, the field emission performance of EG is enhanced by introducing hole defects through partial air oxidation. First, EG was prepared using electrochemical intercalation and microwave-assisted expansion methods. Subsequently, holey expanded graphite (HEG) was obtained by air-heating treatment of EG at different temperatures. Finally, bulk HEG cathodes were prepared by the cold pressing method, and the holes' effect on field emission performance was investigated. The results showed that EG's conductivity and tensile properties significantly improved after heat treatment. Optimal conditions of heat treatment were established at 400 °C providing material with the best field emission performance. The turn-on field (at 1 mA/cm2) and threshold field (at 10 mA/cm2) are 3.01 V/μm and 3.42 V/μm, respectively, with a maximum current density of 1359.17 mA/cm2 (at 5.83 V/μm) and a maximum field enhancement factor of 2407. The voltage fluctuation is only 1.1 % over 24 h at 3 mA @ 440.33 mA/cm2, indicating good emission stability and operation life.