Polyetherimide/Multiwall carbon nanotube (MWNTs) nanocomposites containing as-received and modified (COOH-MWNT) carbon nanotubes were prepared through melt process in extruder and then compression molded. Thermal properties of the composites were characterized by thermo-gravimetric analysis (TGA). Field emission scanning electron microscopy (FESEM) images showed that the MWNTs were well dispersed and formed an intimate contact with the polymer matrix without any agglomeration. However the incorporation of modified carbon nanotubes formed fascinating, highly crosslinked, and compact network structure throughout the polymer matrix. This showed the increased adhesion of PEI with modified MWNTs. Scanning electron microscopy (SEM) also showed high degree of dispersion of modified MWNTs along with broken ends. Dynamic mechanical analysis (DMA) results showed a marginal increase in storage modulus (E') and glass transition temperature (T(g)) with the addition of MWNTs. Increase in tensile strength and impact strength of composites confirmed the use the MWNTs as possible reinforcement agent. Both thermal and electrical conductivity of composites increased, but effect is more pronounced on modification due to formation of network of carbon nanotubes. Addition of acrylic elastomer to developed PEI/MWNTs (modified) nanocomposites resulted in the further increase in thermal and electrical properties due to the formation of additional bond between MWNTs and acrylic elastomers at the interface. All the results presented are well corroborated by SEM and FESEM studies.