A composite film with switchable transparency is fabricated by sandwiching a carbon nanotube (CNT) sheet within polyurethane (PU) films. The introduction of CNTs not only makes the composite film electrically conductive but also induces a rapid crystal melting of soft segments in the PU. As a result, the film can be switched from opaque to transparent in just several seconds after turning on voltage, and reversed back to opaque after turning off voltage. The film also possesses several other attractive properties, including excellent flexibility, low energy consumption, switching speed insensitivity to ambient temperature, and easy coloration, which make the film promising for a wide variety of practical applications.