The thermal conductivity of powdered media is characteristically very low in vacuum, and is effectively dependent on many parameters of their constituent particles and packing structure. Understanding of the heat transfer mechanism within powder layers in vacuum and theoretical modeling of their thermal conductivity are of great importance for several scientific and engineering problems. In this paper, we report the results of systematic thermal conductivity measurements of powdered media of varied particle size, porosity, and temperature under vacuum using glass beads as a model material. Based on the obtained experimental data, we investigated the heat transfer mechanism in powdered media in detail, and constructed a new theoretical thermal conductivity model for the vacuum condition. This model enables an absolute thermal conductivity to be calculated for a powder with the input of a set of powder parameters including particle size, porosity, temperature, and compressional stress or gravity, and vice versa. Our model is expected to be a competent tool for several scientific and engineering fields of study related to powders, such as the thermal infrared observation of air-less planetary bodies, thermal evolution of planetesimals, and performance of thermal insulators and heat storage powders.