In this article, the effect of Multi‐walled carbon nanotubes (MWCNTs) on the electrical conductivity and mechanical properties of polycarbonate (PC) toughened with cross‐linked ethylene‐propylene copolymer (EPC) was investigated. The solubility parameters of the PC and EPC were calculated using Hoy methods to clarify the miscibility of the polymer blends. It could be concluded that in the cooled state, the blends form a heterogeneous structure with two separate phases. The tensile, flexural, impact toughness properties of the PC/EPC blend and PC/EPC/MWCNT nanocomposites were carried out to illuminate the optimum concentration of polymer blends and MWCNTs. The 335% increment for the impact strength results appeared with combination of 10% EPC in the PC matrix. The flexural modulus and strength of PC/EPC blend increased by 75.1% and 59.1%, respectively. The Nielsen model was performed to fit the best curve of theoretical simulation to experimental results for elastomeric dispersed in the plastic matrix. Halpin‐Tsai model was applied to estimate the stiffness of nanocomposites blends with different volume fraction and aspect ratio of MWCNTs in the PC/EPC blends. Finally, in the presence of MWCNTs, all nanocomposite samples were semi‐conducting and the percolation threshold of the PC/EPC (10%) blends was between 0.5% and 1.0% MWCNTs. © 2016 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2017, 134, 44661.