The useful and facile synthesis of oxidized multiwalled carbon nanotube/polyazulene (ox-MWCNT/PAZ) composites is described. In the proposed procedure, oxidized multiwalled carbon nanotubes were used both as components and oxidant agents in the formed composite material, which eliminated the use of conventional oxidizing agents such as ferric chloride. The properties and morphology of composite materials depend on the synthesis conditions, such as monomer concentration, synthesis time and synthesis temperature. The composite material is much more stable at high temperatures than pristine polyazulene. Additionally, the electrochemical performance of composite materials is better than that of pure polymeric materials. The highest specific capacitance of the ox-MWCNT/PAZ composite equals 381 F gPAZ-1. This value is approximately five times higher than the specific capacitance of pristine polyazulene. This high value results from the larger surface area of the composite material and its easier penetration by counterions of the supporting electrolyte during the oxidation process. Apart from the traditional doping process by counterions, the composite material is additionally codoped by hexafluorophosphate anions of the supporting electrolyte, which form hydrogen bonds with surface hydroxyl groups of ox-MWCNTs.