The influence of water content on the conductivity and piezoresistivity of cement-based material with carbon fiber (CF) and carbon black (CB) was investigated. The piezoresistivity of cement-based material with both CF and CB was compared with that of cement-based material with CF only, and the changes in electrical resistivity of cement-based material with both CF and CB under static and loading conditions in different drying and soaking time were studied. It is found that the piezoresistivity of cement-based material with both CF and CB has better repeatability and linearity than that of cement-based material with CF only. The conductivity and the sensitivity of piezoresistive cement-based material with both CF and CB are enhanced as the water content in piezoresistive cement-based material increases.