Liquid crystals (LCs), with their fluidity and self-organization, are attractive hosts for the dispersion and manipulation of macro- and nanoparticles, allowing the realization of their ordered assemblies. In addition, new functional materials can be created owing to the particle properties. Among the nanoparticles, carbon nanotubes (CNTs) stand out for their exceptional electrical, thermal and mechanical properties. While LCs can be used for manipulating CNTs, the nanotube properties are attractive also for influencing and tuning LC properties. In this paper, we discuss different aspects of the CNT-LC combination, briefly introducing their dispersion and interaction and then, more extensively, evaluating the CNT effect on selected properties of LCs relevant to display-related applications. We show that some previously reported improvements cannot be considered an intrinsic feature of CNT-doped LCs. In addition, we are also able to follow locally the Frederiks transition of CNT-doped LCs by Raman spectroscopy, revealing the direct effect of bundles of CNTs on LC reorientation.