Many structures made of WC-Co hard metal are subject to thermo-mechanical loading and have to conduct heat in order to function properly in industrial application. The current work provides results on a significant drop in thermal conductivity of WC-Co hard metals as a function of material volume damage that accumulates during cyclic high-temperature loading of the materials depending on material microstructure. Average WC grain size and Co binder metal content of the investigated grades ranged from submicron to medium and from 10 to 12 wt%, respectively. The hard metals were subjected to uniaxial cyclic loading in a vacuum for different numbers of load cycles at 700 °C and 800 °C. Damage features accumulated in the material volume were documented by means of scanning electron microscopy. Thermal conductivity properties of virgin and damaged materials were determined via laser flash analysis. The results indicated a significant decrease depending on the materials' microstructure, i.e. the defects' predominant location within the microstructure. The damage features that occurred mainly between WC grains in the coarser-grained grade led to larger drops in thermal conductivity with rising temperature compared to damage features that occurred within the Co binder metal in the finer-grained grade. The presented results are of high relevance to the thermo-mechanical load situation of e.g. milling tools since the heat conduction away from their cutting edges is hindered by the documented effect and deemed to lead to a self-acceleration of the damage accumulation.