Abstract: The material of new anti-corrosion heat exchanger was studied to aviod low temperature corrosion caused by flue gas temperature below its acid dew point temperature when the waste heat of boiler flue gas is recovered. Filling fluorinated ethylene propylene (FEP) with the graphite and a certain amount of carbon fiber, the graphite modified FEP was produced which had better thermal conductive performance, impact resistance and corrosion resistance. The comprehensive performance of composite materials was analyed, and the graphite mass fraction of the composite material was determined which was used to produce heat exchanger for flue gas waste heat recovery system. The experiment shows that the higher the mass fraction of graphite is, the greater the thermal conductivity of composite materials is, but its tensile strength, breaking elongation and impact strength decrease gradually as the content of graphite filler increases.