This study introduces a nano smart material to develop a novel sensor for Structural Health Monitoring (SHM) of mechanical and civil systems. Mechanical, civil, and environmental systems need to become self-sensing and intelligent to preserve their integrity, optimize their performance, and provide continuous safety for the users and operators. Present smart materials and structures have fundamental limitations in their sensitivity, size, cost, ruggedness, and weight. Smart materials developed using nanotechnology have the potential to improve the way we generate and measure motion in devices from the nano to the macro scale in size. Among several possible smart nanoscale materials, Carbon Nanotubes (CNT) have aroused great interest in the research community because of their remarkable mechanical, electrochemical, piezoresistive, and other physical properties. To address the need for new intelligent sensing based on CNT, this study presents piezoresistivity and electrochemical properties and preliminary experiments that can be applied for SHM. This study is anticipated to develop a new multifunctional sensor which can simultaneously monitor strain, stress and corrosion on a structure with a simple electric circuit.