Composite materials based on AMg2 aluminum alloy reinforced by additions of 0.05 wt % multiwalled carbon nanotubes (MWCNTs) or Al/MWCNT hybrid nanostructures have been obtained by powder metallurgy techniques. The evolution of MWCNTs and Al/MWCNT hybrid nanostructures at various stages of powder composite material formation has been studied by Raman spectroscopy. It is established that Al/MWCNT hybrid filler is subjected to lower damage and less favors the formation of Al_4C_3 phase during isothermal consolidation stage as compared to the case of nonmodified MWNTs.