Carbon nanotubes (CNTs) were incorporated into a lyotropic liquid crystal (LLC) matrix at room temperature through spontaneous phase separation. The phase separation process occurred in n-dodecyl tetraethylene monoether (C12E4) solutions induced by the hydrophilic polymer, poly(ethylene glycol) (PEG). It was found that the molecular weight of PEG has a significant effect on the CNTs-C12E4 system, which not only influences the phase behavior of the system but also changes the properties of the CNTs-LLC composites. Polarized optical microscopy (POM) images, combined with small-angle X-ray scattering (SAXS) results, indicate that CNTs incorporate within the layers of the lamellar LLCs without destroying the structure of LLCs. Moreover, UV-vis absorption, Raman spectra and rheological measurements were performed to investigate the characteristic properties of the CNTs-LLC composites. This study not only gives a more comprehensive understanding of polymer-induced phase separation, but also expands the potential uses of CNTs-LLC composites in nanotechnology.