The influence of carbon nanotube (CNT) dispersions on the electrical properties and noise signal amplitude of VOx films is investigated. For a critical range of the CNT dispersion density on VOx films, the intrinsic properties of the VOx films are modified by the CNTs. The CNT concentrations reported in this work are about 0.3 μg/cm2 and 1.6 μg/cm2, allowing for low density and high density dispersions on the VOx film surface to be investigated. These values are higher than the percolation threshold of about 0.12 μg/cm2 for these films. The composite film exhibits a significant reduction in the temperature coefficient of resistance (TCR) (from ≈3.8% K−1 to ≈0.3% K−1) for high density dispersions. In contrast, while VOx–CNT composites with low density single wall CNT dispersions exhibit no significant change in TCR values, an approximate two orders of magnitude reduction in the low frequency 1/f noise is measured. The noise signal amplitude measured at 0.1 V and at 1.0 Hz reduces from 6 × 10−5V/(Hz) for VOx films to 5 × 10−7V/(Hz) for the low density SWCNT dispersion on VOx film and to 3 × 10−6V/(Hz) for the low density MWCNT dispersion on VOx film. The CNT concentration is the critical factor for yielding the observed changes in conductivity and low frequency noise. The results presented in this work provide a better understanding of VOx-based composites, thereby enabling the development of new, versatile and functional materials for device applications.