Polymer composites with high thermal conductivity have a great potential for applications in modern electronics due to their low cost, easy process, and stable physical and chemical properties. Nevertheless, most polymer composites commonly possess unsatisfactory thermal conductivity, primarily because of the high interfacial thermal resistance between inorganic fillers. Herein, we developed a novel method through silver functionalized graphene nanosheets (GNS) and multiwalled carbon nanotube (MWCNT) composites with excellent thermal properties to meet the requirements of thermal management. The effects of composites on interfacial structure and properties of the composites were identified, and the microstructures and properties of the composites were studied as a function of the volume fraction of fillers. An ultrahigh thermal conductivity of 12.3 W/mK for polymer matrix composites was obtained, which is an approximate enhancement of 69.1 times compared to the polyvinyl alcohol (PVA) matrix. Moreover, these composites showed more competitive thermal conductivities compared to untreated fillers/PVA composites applied to the desktop central processing unit, making these composites a high-performance alternative to be used for thermal management.