Four kinds of synthetic graphite coated with silver and nickel for the anodes of lithium secondary batteries were prepared by a gas suspension spray coating method. The electrode coated with silver showed higher charge–discharge capacities due to a Ag–Li alloy, but rate capability decreased at higher charge–discharge rate. This result can be explained by the formation of an artificial Ag oxidation film with higher impedance, this lowered the rate capability at high charge–discharge rate due to its low electrical conductivity. Rate capability is improved, however, by coating nickel and silver together on the surface of synthetic graphite. The nickel which is inactive with oxidation reaction plays an important role as a conducting agent which enhanced the conductivity of the electrode.