To improve the processability and properties of the poly(phenylene sulfide) (PPS) fibers at room temperature and high temperatures, a series of composite fibers based on PPS and multiwalled carbon nanotubes were prepared by melt spinning. We researched the processability with a high‐pressure capillary rheometer, and the properties of the composite fibers were investigated in detail by scanning electron microscopy, differential scanning calorimetry, fiber sonic velocity measurement, and single‐fiber strength testing. The results show that the carbon nanotubes (CNTs) had good interfacial adhesion with PPS and dispersed homogeneously in the PPS matrix. When the shear rate was higher than 500 s−1, the oriented CNTs induced the orientation of PPS molecular chains; this resulted in a decline in the apparent viscosity and an increase in the orientation degree of the molecular chains. Meanwhile, the CNTs acted as nucleating agents to effectively improve the crystallization of PPS. The strength of the fibers at room temperature were improved by 28.8% after the addition of 0.2% CNTs, and the initial modulus was also significantly enhanced. The strength retention at 160 °C was promoted from 60.58 to 88.32% with the addition of 1.0% CNTs. The shrinking percentage decreased to almost zero from higher than 15%; this suggested that the CNTs could efficiently improve the dimensional stability at high temperatures. © 2016 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2017, 134, 44609.