A carbon black (CB)/low-density polyethylene (LDPE)/ultrahigh-molecular-weight polyethylene (UHMWPE) composite with a segregated and double-percolated structure has been fabricated using the solution mixing and high-speed mechanical mixing method. Structural observations show that the conducting CB/LDPE layers were only dispersed at the interface of UHMWPE granules and formed a well-developed CB conductive network with a percolation threshold of 0.26 vol%. The low percolation threshold in CB/LDPE/UHMWPE composites can be explained by the segregated and double-percolated networks of CB within the polymer matrix. A noticeable double positive temperature coefficient of resistivity can be observed around the melting temperature of LDPE and UHMWPE followed by a negative temperature coefficient of resistivity. The microstructure evolution of CB/LDPE/UHMWPE composites can be observed and explained by in situ optical micrographs.