Decoration of carbon nanotube (CNT) surfaces with silver nanoparticles (AgNPs) was performed using N,N‐dimethylformamide reducing agent. The CNT‐decorated with AgNP (CNT‐AgNP) was then used to prepare natural rubber (NR) nanocomposites via latex mixing method. Cure characteristics, mechano‐thermal relaxation, electrical conductivity, and thermal properties of the composites were investigated. It was found that the CNT‐AgNP gave cure properties improved over plain NR compounds in terms of scorch time, degree of vulcanization, and activation energy. In addition, temperature scanning stress relaxation measurement revealed stronger network formation after incorporation of AgNP into the NR matrix due to the interaction among CNT and AgNP particles. This also provided high conductivity and low percolation threshold concentration for the CNT‐AgNP filled NR, relative to plain CNT filled NR composites. © 2018 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2019, 136, 47281.