Helmets are ubiquitously used forms of protective equipment in various industries. A common major drawback in helmets is their poor thermal management. Here, to reduce the dependency on active cooling methods and to conserve same helmet design, a composite thermal liner based passive cooling mechanism is proposed. A multifunctional liner consisting of uniformly distributed graphene oxide nanosheets and icosane is prepared. A helmet liner cast out of a 3D‐printed mold is tested to measure impact energy absorption using a home‐built helmet impact testing setup in accordance with ASTM D7136/D7136M‐20. The liner is expected to deform, thereby absorbing the energy from the impact and eventually reducing the impact experienced by the user. The material (10X‐GOME‐0.75), obtained after careful optimization of the mechanical and thermal properties of different combinations of varying weight fractions of the fillers, exhibits about 300% greater deformation over an unmodified epoxy (UME) liner (0.3% strain) and also shows 98% strain recovery over a fatigue test of >7500 cycles. Thermal characterization shows heat absorption by the material at about 37 °C, which is the average human body temperature. Such materials can have future in developing lightweight next‐generation helmets with better thermal management for use in various fields.