An expandable polystyrene bead production method, which is a two-step process, is disclosed. The method includes obtaining suspendable, homogenous micropellets from a mixed composition prepared by mixing graphite particles with a styrene-based resin and extruding the composition, and carrying out seed polymerization by suspending graphite-containing micropellets in water and adding a styrene-based monomer and an aromatic hydrocarbon having 6 to 10 carbon atoms, and impregnation by adding a blowing agent. The produced expandable polystyrene beads, which contain graphite particles, are considerably low in thermal conductivity. In addition, the expandable polystyrene beads exhibit a little change in the thermal conductivity over time due to the use of the graphite particles, so that the heat insulation property can be sustained for an extended period of time.