In this study, graphite/Cu composite coatings were prepared on Cu substrates using laser-assisted low pressure cold spray (CS) technology. In addition, the microstructural characteristics and thermal/electrical conductivity of composite coatings with different graphite contents were studied. The results show that both graphite and Cu particles in the composite coating undergo significant plastic deformation, and the plastically deformed graphite particles are embedded in the plastically deformed Cu particles, forming a composite coating. Using laser heating, the graphite and Cu particles in the composite coating are well bonded, resulting in the good compactness of the composite coating. The thermal and electrical conductivities of the CS-Cu coating increase from 66.2 W/(m·K) and 7.12 MS/m to 136.6 W/(m·K) and 14.65 MS/m, respectively, due to the laser heating. With the addition of 5% graphite to the coating, the thermal conductivity of the composite coating is further increased to 209.8 W/(m·K). However, with the continuous increase of the graphite content in the composite coating, the number of the inner interface of the coating increases, the interface thermal resistance and the scattering effect on electrons are enhanced, resulting in the decrease of the thermal conductivity and electrical conductivity of the composite coating.