In this paper, the bi-axial stretching effects on the electrical conductivity of carbon nanotube (CNT)-polymer composites are studied by a mixed micromechanics model with the consideration of the electrical conductive mechanisms. The bi-axial stretching effects are characterized by volume expansion of composite, re-orientation of CNTs and change of conductive networks. Simulation results demonstrate that the bi-axial stretching decreases the electrical conductivity of the composites due to the dominant role of the stretching-induced change in conductive networks, i.e., the increase in the percolation threshold, the separation distance among CNTs and the breakdown of the networks. It is also found that the bi-axial stretching enhances the decreasing rate of the electrical conductivity and increases the distribution randomness of the CNTs in the bi-axial stretching plane, as compared to a uni-axial stretching case. Furthermore, the dependency of the variation of electrical conductivity on the CNT concentration and sizes is also investigated. Possible reasons for the variation trends are interpreted. The study in this paper is expected to provide an increased understanding on the stretching effects upon the electrical conductivity of CNT-polymer composites.