In this study, nickel hydroxide nanoparticles (NPs) decorated with nitrogen doped multiwalled carbon nanotubes (N-MWCNT) hybrid composite was synthesized by thermal reduction process in the presence of cetyl ammonium bromide (CTAB) and urea. The as-synthesized Ni(OH)2@N-MWCNT hybrid composite was characterized by FTIR, Raman, XRD, BET, BJH and FE-TEM analyses. These prepared porous carbon hybrid composite materials possessed high specific surface area and sheet like morphology useful for active electrode materials. The maximum specific capacitance of Ni(OH)2@N-MWCNT hybrid nanocomposite in the two electrode system showed 350 Fg-1 at 0.5 A/g,energy density ~43.75 Wkg-1 and corresponds to power density 1500 W kg-1 with excellent capacity retention after 5000 cycles. The results suggest that the prepared two-dimensional hybrid composite is a promising electrode material for electrochemical energy storage applications.