Carbon nanotube (CNT)‐based membranes combine the promising properties of CNTs with the advantages of membrane separation technologies, offering enhanced membrane performance in terms of permeability and selectivity. This review looks at the existing membrane architectures based on CNTs and their main advantages and disadvantages for water treatment applications. The different types of CNT‐based membranes that are reported in the literature are highlighted, as well as their corresponding fabrication methods. Available methodologies for tailoring the final membrane properties and behavior are thoroughly discussed, making special emphasis in chemical modification of the CNT surface. Finally, the most common applications of CNT‐based membranes in water treatment are reviewed, including seawater or brine desalination, oil–water separation, removal of heavy metals, and organic pollutants. The main limitations and perspectives of CNT‐based membranes are also briefly outlined.