PURPOSE: To obtain the title dispersion useful as an agent for imparting or modifying characteristics such as conductivity, oxidation resistance and heat resistance without using any organic solvent by dispersing a carbonaceous filler and a thermosetting resin in water.

CONSTITUTION: 1-30wt.%, based on solution, carbonaceous filler comprising a carbonaceous or graphitic substance in the form of powder having an average particle diameter of 100μm or smaller, or fiber having an average diameter of 50μm or smaller and an average length of 10mm or less (e.g. milled carbon fibers) and 3-40wt.%, based on water, thermosetting resin preferably having a high rate of carbonization (e.g. novolak phenolic resin) are dispersed in water.