The thermal behavior of the yttria-stabilized zirconia (YSZ) and nickel oxide (YSZ–NiO) composite mixtures with the addition of graphite, multiwall carbon nanotubes and functionalized multiwall carbon nanotubes was studied. The YSZ–NiO composite is the precursor of the YSZ–Ni anode of solid oxide fuel cells. The anode exhibits a porous structure, which is usually obtained by the addition of carbon containing pore formers. Thermal analysis and X-ray diffraction evidenced that the properties of carbonaceous materials (C) and atmosphere have a strong influence on the thermal evolution of the reactions taking place upon heating the anode precursor. The dependence of both the carbon content and the chemical nature of the ceramic matrix on the thermal behavior of the composite were investigated. The discussed results evidenced important features for optimized processing of the anode.