Crosslinked polyethylene is a promising polymer regarding its mechanical properties and wear resistance, predominantly used in pipework systems. However, it suffers from low thermal conductivity, which limits its application in geothermal heating/cooling systems. In this work, crosslinked high‐density polyethylene (PEX) composites with spherical graphite (SG) as a reinforcing filler are examined in terms of their thermal and mechanical properties. Thermal conductivity measurements showed a significant improvement of the thermal conductivity of PEX with increasing filler content (40.6% augmentation for 5 wt% SG content), while the experimental data are in good agreement with the Chauhan theoretical model for spherical particles. Tensile tests revealed that the elastic modulus of PEX/SG composites presented a considerable improvement (23.6% augmentation for 5 wt% SG content). Various micromechanical models for the prediction of the composites' elastic behavior were applied to the experimental data, which present a satisfactory agreement with the Takayanagi I two‐phase model for low concentrations of SG, and the Takayanagi II two‐phase model for higher filler content.