In this study, a novel cobalt polyphthalocyanine/carboxylic acid functionalized multiwalled carbon nanotube nanocomposite (CoPPc/MWCNTs-COOH) to detect lactic acid was successfully fabricated. The nanocomposite was systematically characterized by scanning electron microscopy, Fourier transform infrared spectroscopy, ultraviolet–visible absorption spectroscopy, and X-ray photoelectron spectroscopy. The nanocomposite provided excellent conductivity for effective charge transfer and avoided the agglomeration of MWCNTs-COOH. The electrochemical surface area, diffusion coefficient and electron transfer resistance of the CoPPc/MWCNTs-COOH glassy carbon electrode (CoPPc/MWCNTs-COOH/GCE) were calculated as A = 0.49 cm2, D = 9.22 × 10−5 cm2/s, and Rct = 200 Ω, respectively. The lactic acid sensing performance of the CoPPc/MWCNTs-COOH was evaluated using cyclic voltammetry in 0.1 M PBS (pH 4). The results demonstrated that the novel electrode exhibited excellent electrochemical performance toward lactic acid reduction over a wide concentration range (10 to 240 μM), with a low detection limit (2 μM (S/N = 3)), and a reasonable selectivity against various interferents (ascorbic acid, uric acid, dopamine, sodium chloride, glucose, and hydrogen peroxide). Additionally, the electrode was also successfully applied to quantify lactic acid in rice wine samples, showing great promise for rapid monitoring applications.