Hexagonal boron nitride (h-BN) has been explored for lithium intercalation due to its similar crystal structure to graphite, a well-known anode material for Li-ion secondary batteries. Lithium h-BN intercalation compounds (Li-BNICs) have been successfully synthesized through heat treatment. In this study, potential physical properties related to electrical conductivity were investigated using pristine and milled h-BN, which is further mixed/combined with milled graphite. The electrochemical properties were characterized by cyclic voltammetry (CV) and galvanostatic cycling with potential limitation (GCPL). The chemical potential of h-BN was estimated about 1.0 V versus Li/Li+ and a two-phase reaction was suggested. Accordingly, Li-BNIC is more stable than Li-GICs (lithium graphite intercalation compounds) in terms of thermal stability.