Since heat generation in electronic devices causes thermal failure, heat dissipation is of critical importance. Furthermore, deformable devices are subjected to mechanical stress, therefore, mechanically stable thermal management material should be considered. Herein, a strategy for printable, thermally conductive, and mechanically stable composite ink for thermal management is introduced. Based on the galvanic replacement between eutectic gallium indium (EGaIn) nanoparticles and silver (Ag) flakes, decoration of the EGaIn nanoparticles on Ag flakes is resulted from the difference in standard reduction potential between Ag, Ga, and In. The resultant alloy formation(Ag–Ga or Ag–In) serves as the thermal transport junction between Ag flakes, leading to high thermal and electrical conductivity (≈140 W mK−1 and ≈106 S m−1, respectively). In addition, owing to the polymer binder, the printed ink is mechanically stable on a substrate exhibiting stable thermal conductivity and sheet resistance under the cyclic bending test. Notably, the heat dissipation of the light-emitting diode (LED) showed better performance when applied with the developed composite ink compared to commercial Ag paste and thermal paste. The junction temperature of the LED is reduced effectively, resulting in a longer lifetime of the LED. The thermal management solution can be utilized in next-generation soft electronics.