In the present study, exfoliated graphite nanoplatelets (xGnP) with different particle sizes were coated onto polyacrylonitrile-based carbon fibers by a direct coating method. The flexural properties, interlaminar shear strength, and the morphology of the xGnP-coated carbon fiber/phenolic matrix composites were investigated in terms of their longitudinal flexural strength and modulus, interlaminar shear strength, and by optical and scanning electron microscopic observations. The results were compared with a phenolic matrix composite counterpart prepared without xGnP. The flexural properties and interlaminar shear strength of the xGnP-coated carbon fiber/phenolic matrix composites were found to be higher than those of the uncoated composite. The flexural and interlaminar shear strengths were affected by the particle size of the xGnP, while the particle size had no significant effect on the flexural modulus. It seems that the interfacial contacts between the xGnP-coated carbon fibers and the phenolic matrix play a role in enhancing the flexural strength as well as the interlaminar shear strength of the composites.