Applications of composite materials have been in progress noticeably in manufacturing areas of automotive, aircraft and in other industries, resulting in ensuing research activities. Carbon-epoxy, one of major composite materials, is investigated for its thermal characteristics. Upon treatments of the composite material with repeated heatings and coolings variations of its elastic constants are monitored to reveal the thermal nature of the composite material. In this study, generally, changes in elastic constants are observed to occur mostly during the first 10~20 thermal cycles. Values of G(sub)13 remain almost unchanged except a minor decrease. However in the observed small changes thermal shocks produce less effect than thermal fatigues. On the other hand, values of $E_1$show gradual increases with the num-ber of applied thermal cycles and temperatures. Meanwhile, values of $E_2$ and G(sub)23 decrease to a certain extent in the early stage during the applications of thermal cycling but are not appreciable affected by frequencies of thermal cy-cles. Also, thermal shocks are observed to induce different effects depending on treatment temperatures.