The paper presents and discusses the results of a study of the thermal properties of cement composites with different contents of magnetite aggregate (0%, 20%, 40% and 60% by volume). The effect of grain size on the evaluated thermal properties was also investigated. For this purpose, concrete containing 50% by volume of magnetite aggregate with four different fractions (1-2 mm, 2-4 mm, 4-8 mm and 8-16 mm) was used. Thermal parameters were evaluated on specimens fully saturated with water and dried to a constant mass at 65 °C. The series with varying grain sizes of magnetite achieved thermal conductivity values in the range of 2.76-3.03 W/(m·K) and 2.00-2.21 W/(m·K) at full water saturation and after drying to a constant mass, respectively. In the case of the series with 20% magnetite by volume, the thermal conductivity was 2.65 W/(m·K) and 1.99 W/(m·K) for the material fully saturated with water and dried to a constant mass, respectively. The series with a 60% volume share of magnetite obtained values of this parameter of 3.47 W/(m·K) and 2.66 W/(m·K), respectively, under the same assumptions.