Herein, we describe the possibility of using solid CO2, also known as dry ice, as an exfoliating agent for thermal-assisted exfoliation of graphite. Used dry ice has been chosen over supercritical CO2 for its easy availability after storage purposes. HRTEM analysis showed the increased spacing between the stacked graphite layers after exfoliation. BET and Raman analyses provided evidence for an increased surface area and quantity of defects for the exfoliated graphite powder. VSM analysis showed a ∼three-fold improvement in magnetization in the exfoliated graphite powder sample compared to the control.