Carbon nanotubes constitute a novel class of nanomaterials with potential applications in many areas. The attachment of metal nanoparticles to carbon nanotubes is new way to obtain novel hybrid materials with interesting properties for various applications such as catalysts and gas sensors as well as electronic and magnetic devices. Their unique properties such as excellent electronic properties, a good chemical stability, and a large surface area make carbon nanotubes very useful as a support for gold nanoparticles in many potential applications, ranging from advanced catalytic systems through very sensitive electrochemical sensors and biosensors to highly efficient fuel cells. Here we give an overview on the recent progress in this area by exploring the various synthesis approaches and types of assemblies, in which nanotubes can be decorated with gold nanoparticles and explore the diverse applications of the resulting composites.