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A high electromagnetic shielding, light weight, and low cost plastic package for a 2.5 Gbps optical transceiver module is developed by using a woven continuous carbon fiber (CCF) epoxy composite. The shielding effectiveness (SE) of the packaged optical transceiver modules is measured and theoretically modeled. By weaving the CCF in a balanced twill structure (BTS) with excellent conductive networks, the SE of the proposed package is significantly higher (about 20 dB) than a previous package using a liquid crystal polymer (LCP) composite. Besides better SE performance, the package is lower cost due to reduced usage of the carbon fiber. The proposed package for the optical transceiver module is suitable for use in low cost and low electromagnetic interference (EMI) lightwave transmission systems.