Among the electrically conducting polymers, polyaniline (PANI) has attracted more interest due to its advantages over the others, such as easy synthesis, low cost, good processability, high environment stability, and reversible control of electrical properties by both charge-transfer doping and protonation. In India, about 75% of the electricity is generated by coal-based thermal power plants that produce 6.5×107 tons per year of fly ash as a by-product. In this chapter, we tried to convert fly ash from waste material into resource material by synthesizing PANI-FA composites from chemical oxidation method in various compositions and characterized. The functional group was analyzed by Fourier Transform Infra red spectroscopy (FTIR). The band gap energy was determined by UV-Vis spectroscopy and photoluminescence spectroscopy. The crystallite size was determined by X-Ray Diffractometry (XRD). The surface morphology was studied by Scanning Electron Microscopy (SEM) and Transmission Electron Microscopy. SEM images revealed that the PANI-FA 45% composite incorporation of fly ash spherical balls in PANI particles which are homogeneously distributed throughout the composites. The elemental composition of the composites was found out by Energy dispersive X-ray spectroscopy (EDXS). Thermal behavior of composites was analyzed by Thermo gravimetric analysis (TGA). The TGA results showed that the presence of FA in the composites could improve the thermal stability up to 180o C. The PL emission spectrum intensity increased with the addition of fly ash to PANI.