The unique geometry and extraordinary mechanical, electrical, and thermal conductivity properties of carbon nanotubes (CNTs) make them ideal candidates as functional fillers for polymeric materials. In this paper we review the advances in both thermoset and thermoplastic CNT composites. The various processing methods used in polymer/CNT composite preparation; solution mixing, in-situ polymerization, electrospinning, and melt blending, are discussed. The role of surface functionalization, including ‘grafting to’ and ‘grafting from’ using atom transfer radical polymerization (ATRP), radical addition–fragmentation chain transfer polymerization (RAFT), and ring-opening metathesis polymerization (ROMP) in aiding dispersion of CNTs in polymers and interfacial stress transfer is highlighted. In addition the effect of CNT type, loading, functionality and alignment on electrical and rheological percolation is summarized. We also demonstrate the effectiveness of both Raman spectroscopy and oscillatory plate rheology as tools to characterize the extent of dispersion of CNTs in polymer matrices. We conclude by briefly discussing the potential applications of polymer/CNT composites and highlight the challenges that remain so that the unique properties of CNTs can be optimally translated to polymer matrices.