A process for producing a microporous graphite foam including a matrix of graphite fibers joined by a graphitized graphite-forming precursor. In one embodiment, the process includes providing a plurality of graphite fibers; mixing the graphite fibers with a graphite-forming precursor; compressing the mixture; forming a precursor matrix comprising the graphite fiber and the graphite-forming precursor; first heating the matrix to a temperature at which the graphite-forming precursor is carbonized, forming a carbonized matrix; and second heating the carbonized matrix to a temperature at which the carbonized graphite-forming precursor is graphitized, forming the microporous graphite foam. The graphite foam has one or more of pore sizes less than about ten microns, low bulk density, high physical strength and good machinability, while also having the desirable characteristics of graphite, including high thermal conductivity, electrical conductivity and solderability.