The weight reduction of the bipolar plate (BP) is essential for commercializing unitized regenerative fuel cells (URFCs). In order to lighten the weight of the bipolar plate, we have used Pb/C composite powder as a cost-effective primary material, which is a mixture of low-density graphite and lead. Further, varied lead-carbon weight ratios (1: 8, 1:4, 1:1, 4:1, and 8:1) were investigated for fabricating the bipolar plate by hot-pressing process adding styrene-butadiene rubber (SBR) as a binder. The specific surface area, porosity, and microstructure characteristics corresponding to the varied lead-graphite ratio of the prepared bipolar plates were studied. The relative difference in conductivity upon the compressibility of the plates is also examined. Finally, the wettability and electrochemical properties of the prepared bipolar plates were evaluated through water contact angle and cyclic voltammetry analysis.