GeO2/Ge/C anode material synthesized using a simple method involving simultaneous carbon coating and reduction by acetylene gas is composed of nanosized GeO2/Ge particles coated by a thin layer of carbon, which is also interconnected between neighboring particles to form clusters of up to 30 μm. The GeO2/Ge/C composite shows a high capacity of up to 1860 mAh/g and 1680 mAh/g at 1 C (2.1 A/g) and 10 C rates, respectively. This good electrochemical performance is related to the fact that the elemental germanium nanoparticles present in the composite increases the reversibility of the conversion reaction of GeO2. These factors have been found through investigating and comparing GeO2/Ge/C, GeO2/C, nanosized GeO2, and bulk GeO2.