The inclusion of carbon nanotubes (CNTs) into metallic systems has been the main focus of recent literature. The aim behind this approach has been the development of a new property or improvement of an inferior one in CNT-dispersed metal matrix nanocomposites. Although it has opened up new possibilities for promising engineering applications, some practical challenges have restricted the full exploitation of CNTs’ unique characteristics. Non-uniform dispersion of CNTs in the metallic matrix, poor interfacial adhesion at the CNT/metal interface, the unfavorable chemical reaction of CNTs with the matrix, and low compactability are the most significant challenges, requiring more examination. The present paper provides a broad overview of the mentioned challenges, the way they occur, and their adverse influences on the physicomechanical properties of CNT-reinforced metal matrix nanocomposites. The suggested solutions to these issues are fully addressed.