Multiwalled carbon nanotube (MWCNT) is a promising active sensing material used in electrochemical sensors and biosensors, which has the characteristics of low weight of extraordinary mechanical, electrical, thermal and multifunctional properties. The size scale, aspect ratio and properties of MWCNTs provide advantages in various aspects of sensor’s functionalities. However, next generation sensor platforms will require significant improvements in sensitivity, specificity and parallelism to meet the future needs in variety of fields. In order to meet these above said requirements, electrodes made of various composite materials containing MWCNTs have been successfully studied and designed for real time sensor applications. These studies show that MWCNTs enhance the redox reactions, deposition rate, surface coverage concentration and electron transfer rate of materials during and after the composite film formation on the electrode surface. Materials used in these above studies for various composite preparations (incorporation with MWCNTs) are, the dye polymer compounds, polymers and biopolymers, proteins and enzymes, metal nanoparticles and metal oxides. These successfully prepared MWCNTs containing composite film modified electrodes have been further investigated for the application in electrochemical determination of numerous biochemical compounds and chemical compounds. Some of these electrochemical sensors are used for the simultaneous determination of biochemical compounds present in mixture at physiologically relevant conditions. Studies such as interference between few chemical or biochemical compounds present in these mixtures have also been successfully carried out.