Microencapsulated phase-change materials (MPCM) can be used to develop a structural-functional integrated cement paste having high heat storage efficiency and suitable mechanical strength. However, the incorporation of MPCM has been found to degrade the mechanical properties of cement based composites. Therefore, in this research, the effect of carbon nanotubes (CNTs) on the properties of MPCM cement paste was evaluated. Test results showed that the incorporation of CNTs in MPCM cement paste accelerated the cement hydration reaction. SEM micrograph showed that CNTs were tightly attached to the cement hydration products. At the age of 28 days, the percentage increase in flexural and compressive strength with different dosage of CNTs was found to be up to 41% and 5% respectively. The optimum dosage of CNTs incorporated in MPCM cement paste was found to be 0.5 wt %. From the thermal performance test, it was found that the cement paste panels incorporated with different percentages of MPCM reduced the temperature measured at the center of the room by up to 4.6 °C. Inverse relationship was found between maximum temperature measured at the center of the room and the dosage of MPCM.