We investigated the effect of polymer sublayer on volumetric resistivity and tensile strength of carbon fiber (CF)/polyethylene composite films fabricated under high intensity electric fields. The dependence of volumetric resistivity and tensile strength of the films on the polymer sublayer thickness or mass part exhibited complex behavior according to CF content and CF layer density in the films. As the thickness of polymer sublayer increases, two groups of processes at thermo-mechanical forming stage would take effects in the properties of the films. The first group comprises the increase of polymer layer thickness having reduced CF content compared with central or upper part of the film and insufficient wetting of CF resulting in the loosened structure near upper film side. The second group, on the other hand, is the improvement of mobility of molten sublayer leading to better distribution of CF throughout the film thickness and the formation of more compact structure. The different degree of contribution of these two competing processes at varied CF content and CF layer density could explain complex dependence of the film properties on the polymer sublayer. These results are important to optimize the electrical and mechanical properties of highly conductive polymer films, which can be used as electromagnetic interference shielding materials.