In recent years, it has been found in engineering practice that the service life of cemented carbide shield machine tools used in uneven soft and hard strata is substantially reduced. The study found that thermal stress is the main reason for the failure of cemented carbide shield tunneling tools when shield tunneling is carried out in uneven soft and hard soil. To maintain the hardness of cemented carbide, improving the thermal conductivity of the shield machine tool is of great importance for prolonging its service life and reducing engineering costs. In this paper, graphene and carbon nanotubes were mixed with WC-Co powder and sintered by SPS (Spark Plasma Sintering). The morphology was observed by using scanning electron microscopy (SEM) and energy dispersive X-ray spectroscopy (EDS). A Rockwell hardness tester and bending strength tester were used to test hardness, bending strength and thermal conductivity. The results show that adding trace graphene or carbon nanotubes can increase the bending strength of the cemented carbide by approximately 50% while keeping the hardness of the cemented carbide unchanged. The thermal conductivity of the cemented carbide can be increased by 10% with the addition of 0.12% graphene alone.