The use of carbon nanotubes in composite hard armor is discussed in this study. The processing techniques to make various armor composite panels consisting of Kevlar®29 woven fabric in an epoxy matrix and the subsequent V50 test results for both 44 caliber soft-point rounds and 30 caliber FSP (fragment simulated projectile) threats are presented. A 6.5% improvement in the V50 test results was found for a combination of 1.65 wt% loading of carbon nanotubes and 1.65 wt% loading of milled fibers. The failure mechanism of carbon nanotubes during the ballistic event is discussed through scanning electron microscope images of the panels after the failure. Raman Spectroscopy was also utilized to evaluate the residual strain in the Kevlar®29 fibers post shoot. The Raman Spectroscopy shows a Raman shift of 25 cm−1 for the Kevlar®29 fiber utilized in the composite panel that had an enhancement in the V50 performance by using milled fiber and multi-walled carbon nanotubes. Evaluating both scenarios where an improvement was made and other panels without any improvement allows for understanding of how loading levels and synergistic effects between carbon nanotubes and milled fibers can further enhance ballistic performance.