Several conducting polymers, including polyaniline, polypyrrole, polythiophene, polyvinylpyrrolidone, poly(3,4-ethylenedioxythiophene), poly(m-phenylenediamine), polynaphthylamine, poly(p-phenylene sulfide), and their carbon nanotube reinforced nanocomposites are discussed in this review. The physical, electrical, structural and thermal properties of polymers along with synthesis methods are discussed. A concise note on carbon nanotubes regarding their purification, functionalization, properties and production are reported. Moreover, the article focuses upon synthesis methods, properties and applications of conducting polymer/carbon nanotube nanocomposites are focused. Nanotube dispersion, loading concentration and alignment within conducting polymer/carbon nanotube nanocomposite affect their performance and morphology. The conducting polymer/carbon nanotube nanocomposites are substantially used in sensors, energy storage devices, supercapacitors, solar cells, EMI materials, diodes, and coatings.