A high thermal conductivity thermal paste can be developed by mixing the oxidized liquid metal alloy (OLMA) with graphene. Four kinds of graphene-OLMA pastes were synthesized at graphene concentrations of 0.25 wt%, 0.75 wt%, 1.5 wt%, and 2.0 wt%, respectively. The paste structures were characterized by MicroXCT-400, which can be used to readily measure the air pocket size, and their thermal conductivities measured by a laser flash analysis method. It is found that the OLMA structure is very different from the liquid metal alloy (LMA), and a small amount of air pockets were formed in the OLMA. The air pocket size significantly affected the thermal conductivity of the graphene-OLMA paste. When the graphene concentration increased, as shown in Fig. 1(c)-(e), the paste's thermal conductivity increased. However, more air pockets were formed around the graphene. In particular, when the graphene concentration increased to 2.0 wt%, clusters of graphene, as shown in Fig. 1(f), were formed resulting in the formation of big air pockets in the thermal paste, which directly affected the thermal conductivity as shown in Fig. 1(g). We thought that when the graphene concentration increases, the thermal conductivity should increases. But the results show that it was not and then we used MicroCT to see the internal structure of the thermal paste and found that the air pockets were formed and significantly affects the thermal performance.