A composite printed circuit board structure including multiple layers of graphite interleaved with layers of a dielectric material, such as a polytetrafluoroethylene (PTFE) and woven glass laminate. Some of the dielectric layers are copper clad, and at least some of the graphite layers are positioned in close proximity to the copper cladding layers, to provide good heat dissipation properties. The PTFE provides a desirably low dielectric constant and the graphite also provides good mechanical strength and a low or negative coefficient of thermal expansion, to permit matching of the coefficient with that of chip carriers used to mount components on the circuit board.