The study of mechanical properties and fracture behaviour of carbon/carbon composites is significant to its application and development. These are dependent on microstructure and properties of reinforcing fibers and matrix, fiber/matrix interface and porosity/cracks present in the composites. In the present studies high-density carbon/carbon composites have been prepared using PAN and various pitch based carbon fibers as reinforcements and pitch as matrix with repeated densification cycles using high-pressure impregnation and carbonization technique. Scanning electron microscopy has been used to study the fracture behaviour of the highly dense composites and correlated with structure of the composites. The geometry of reinforcement and presence of unfilled voids/cracks was found to influence the path of crack propagation and thereby the strength of composites. The type of stresses (tensile or compressive) accumulated also plays an important role in fracture of composites.