In the recent years, Single Walled Carbon Nanotube (SWCNT) is known to play a vital role in preparation of artificial bone materials. For this, we have prepared certain complexes of SWCNT grafted with different molecular weight polysaccharides, named as SWCNT-Glucosamine, SWCNT-Chitooligosaccharide (< 1 KDa), SWCNT-Chitooligosaccharide (1-3 KDa), SWCNT-Chitosan (310 KDa) and SWCNT-Chitosan (510 KDa) and subjected to bone tissue engineering application in vitro with mesenchymal stem cells. The physicochemical characteristic results revealed the existence of covalent bond between SWCNT and their respective polysaccharides. SWCNT-Glucosamine has been used for the cell culture experiment due to its highly soluble nature. As compared to glucosamine alone, no cytotoxic effect, higher alkaline phosphatase activity and enhanced mineralization have been observed in SWCNT-glucosamine. We propose that SWCNT-Polysaccharide derivatives are promising biomaterials for bone tissue engineering.