The management of the electromagnetic interference (EMI) of thin, light, and inexpensive materials is important for consumer electronics and human health. This paper describes the development of conductive films that contain a silver (Ag) flake powder and multiwall carbon nanotube (MWCNT) hybrid grid on a polytetrafluoroethylene (PTFE) film for applications that require electromagnetic shielding (EMS) and a conductive film. The Ag and MWCNT hybrid grid was constructed with a wire diameter and spacing of 0.5 mm. The results indicated that the proposed conductive films with 0.4 wt% MWCNTs had higher electromagnetic shielding effectiveness (EMSE) and electrical conductivity than those with other MWCNT loading amounts. The results also showed that the film with 0.4 wt% MWCNT loading had a high 62.4 dB EMSE in the 1800 MHz frequency and 1.81 × 104 S/cm electrical conductivity. This combination improved stretchability, with 10% elongation at a 29% resistivity change rate. Conductive films with Ag/MWCNT electronic printing or lamination technologies could be used for EMI shielding and electrically conductive applications.