Functionalized multiwalled carbon nanotubes (F-MWCNTs)/Co-Ti oxide nanocomposites and neat Co-Ti oxide nanoparticles were synthesized by chemical reduction method. The scanning electron microscopy micrographs show that the bimetallic NPs in F-MWCNTs/Co-Ti are present in dispersed form while the neat Co-Ti nanoparticles were found in agglomerated form. The formation of nanocomposites and neat Co-Ti nanoparticles was also confirmed by energy-dispersive X-ray. Both types of nanocomposites were employed as photocatalyst for the photodegradation of Rhodamine B in aqueous medium under UV light irradiation. The photodegradation study was performed via UV-Vis spectrophotometer. The photodegradation results show that F-MWCNTs/Co-Ti oxide NPs degraded about 93.35% dye within 150 min irradiation time while the neat Co-Ti oxide NPs degraded about 91.76% dye within same irradiation time. The F-MWCNTs/Co-Ti can be easily removed and recycled due to its bulky composite nature as compared to neat Co-Ti oxide NPs. The effect of dye concentration, catalyst dosage, pH of medium and activity of recycled catalyst was also evaluated.