Graphite has been modified with a coating reagent, which can form coating layer of a metal on the surface of graphite, to effectively prevent the oxidation of graphite used as a carbon source, compared to common antioxidants. The oxidation of graphite is resisted by the high oxidation reactivity of metal and the oxygen barrier effect of coating layer. Therefore, the metal layer should be homogeneously and continuously coated on the surface of graphite and the coating efficiency of metal should be increased. The metal layer was formed with a metal precursor existed only with a ion phase in an aqueous solution. The unmodified graphite was totally degraded and oxidized after the combustion test at 1000 degrees C in air. However, as graphite was modified by the metal precursor, the color of carbon was not changed after the heat treatment. These results mean that the coating layer is individually and uniformly formed on a surface of graphite, delaying the oxidation of graphite. Consequently, MgO-C refractory with the high oxidation resistance could be successfully fabricated by the modification of graphite with the metal precursor.