Multiwalled carbon nanotubes (MWCNTs) were functionalized with poly(styrene-b-(ethylene-co-butylene)b-styrene) triblock copolymer (SEBS) using click chemistry. Different compositions of SEBS-functionalized MWCNTs were obtained from reaction of azide moiety-containing SEBS on styrene units with alkyne-decorated MWCNTs. The SEBS-functionalized MWCNTs were characterized by FT-IR, Raman, XPS, SEM, and TEM measurements. The functionalized MWCNTs showed excellent dispersion in the SEBS matrix, and as a result, remarkably increased mechanical properties and high dielectric constants as well as enhanced thermal stability were obtained. The click coupled bonding of MWCNT with SEBS was very effective for controlling the material properties and achieving high performance materials.