Today, MXenes and their composites have shown attractive capabilities in numerous fields of electronics, co-catalysis/photocatalysis, sensing/imaging, batteries/supercapacitors, electromagnetic interference (EMI) shielding, tissue engineering/regenerative medicine, drug delivery, cancer theranostics, and soft robotics. In this aspect, MXene-carbon nanotube (CNT) composites have been widely constructed with improved environmental stability, excellent electrical conductivity, and robust mechanical properties, providing great opportunities for designing modern and intelligent systems with diagnostic/therapeutic, electronic, and environmental applications. MXenes with unique architectures, large specific surface areas, ease of functionalization, and high electrical conductivity have been employed for hybridization with CNTs with superb heat conductivity, electrical conductivity, and fascinating mechanical features. However, most of the studies have centered around their electronic, EMI shielding, catalytic, and sensing applications; thus, the need for research on biomedical and diagnostic/therapeutic applications of these materials ought to be given more attention. The photothermal conversion efficiency, selectivity/sensitivity, environmental stability/recyclability, biocompatibility/toxicity, long-term biosafety, stimuli-responsiveness features, and clinical translation studies are among the most crucial research aspects that still need to be comprehensively investigated. Although limited explorations have focused on MXene-CNT composites, future studies should be planned on the optimization of reaction/synthesis conditions, surface functionalization, and toxicological evaluations. Herein, most recent advancements pertaining to the applications of MXene-CNT composites in sensing, catalysis, supercapacitors/batteries, EMI shielding, water treatment/pollutants removal are highlighted, focusing on current trends, challenges, and future outlooks.