Abstract：Two industrial waste materials of steel crape and iron sand were mixed to add into cement system to produce cement based composite material that was low cost and environment friendly. Its conductivity and varistor properties were studied by AC two wire method on the basis of the compressive strength test. And the effect of conducting waste contents, elastic-plastic loads, the various load rate and impact loads on the compression sensitivity of the composite material was studied and analyzed. The test results show that cement-based composite material has favorable varistor properties. With the increase of conducting material contents, the varistor properties of the composite material is more obvious; the greater the loading rate, the greater the resistance changes; the larger the impact load, the faster the resistivity falls.