The work aims to explore the method of improving the conductivity of carbon-based water-based conductive ink and mainly study the effect of the content of dispersant and resin on the conductivity of carbon-based water-based conductive ink. W-190 dispersant and water-based acrylic resin were used. The two-factor method was adopted to keep the total mass ratio of the dispersant and the resin constant, and the mass ratio of other components in the ink also remained unchanged. By changing the ratio between the dispersant and the resin, multiple sets of carbon-based water-based electric heating inks were prepared. Scanning electron microscopy (SEM) and transmission electron microscopy (TEM) were used to observe the carbon water-based conductive ink in each group, and the viscosity and square resistance of the ink were tested to explore the morphology and electrical conductivity of the conductive ink. The change of mass ratio of dispersant and resin had a certain effect on the conductivity of conductive ink. When other conditions remained unchanged, as the ratio of dispersant to resin increased, the conductivity of the carbon-based water-based conductive ink firstly decreased and then increased. The ratio of dispersant to resin has an important effect on the conductivity of conductive ink. When the mass ratio of dispersant to resin is 2.5∶1, after dispersion and grinding for 60 min, the maximum viscosity of carbon-based water-based conductive ink is 11.1 Pa.s, and the minimum square resistance is 4.3 Ω/□. At this time, the conductivity is the best.