In this study, Cu50-Ni50 alloy were synthesized by mechanical alloying. The alloy was then reinforced by dispersion of multiwalled carbon nanotubes using a planetary high energy ball mill. X-ray diffraction, scanning electron microscopy and vibrating sample magnetometer were used to evaluate the effects of CNT addition on the characteristics of the nanocomposites. XRD results of Cu-Ni sample showed that, the homogeneous Cu50-Ni50 alloy with a mean crystallite size of 25 nm was formed after 10 h of milling. It was found that presence of CNTs and the stage of CNT addition can alter the phase composition, morphology and magnetic properties of the nanocomposites. Also, CNTs prevent the complete dissolution of nickel in copper and change the chemical composition of the alloy. SEM micrographs revealed that the addition of CNTs caused a significant reduction of powder particle size. More ever, the distribution of CNTs in the matrix decreases the saturation magnetization and increases the coercivity of the nanocomposites.