The present chapter highlights the current development in the field of conducting polymer/carbon nanotube (CP/CNT) nanocomposites along with their wide range of properties. The unique electronic, chemical, and physical properties of CP and CNT have drawn the attention of scientific world. A hybrid composite of these two electrically conducting material have resulted in development of new and advanced characteristics, in turn, their application in innovative technologies. In addition to this, briefly, the future prospects of these materials have also been discussed.