A carbon-carbon composite material is made by providing an open-celled carbon foam preform, and densifying the preform with carbonaceous material. The open-celled carbon foam preform may be oxygen stabilized prior to carbonization, and the foam preform densified by CVD, HIP, PIC, VPI, pitch and resin injection, or any combination thereof. The carbon-carbon composite material can be heat treated to provide thermal management materials, structural materials, or a friction material for use in a brake or clutch mechanism.