Carbon/metal composites are high thermal conductivity and heat sink materials with great development potentials. Breakthroughs in higher performance and the development of near net forming are the only ways to meet the high-power heat dissipation needs in the future high-tech field. This article reviews the theoretical calculations of heat transfer in carbon/metal composites, key influencing factors on thermal conductivity, and the current development status of near final forming technology. It points out that in the future, the development of high thermal conductivity in carbon/metal composites requires breakthroughs in interface thermal conductivity theory calculations, theoretical screening and optimization of key parameters. On the other hand, it is necessary to comprehensively consider the interface, reinforcement size, content, and distribution, integrate and control multiple parameters, and even conduct architecture design to achieve breakthroughs in higher thermal conductivity. Finally, it is necessary to develop preparation technologies for near net forming, in order to reduce the application difficulties of carbon/metal composite materials represented by diamond/metal, which are extremely difficult to process and costly.