In this article, we are reporting the preparation and characterization of a multi‐component integrated nanocomposite material by the combination of a naturally occuring biocompatible biopolymer (Starch—a type of polysaccharide), functional conjugated synthetic polymer (Polyaniline “PANI”—a type of intrinsic conducting polymer) and nanosize tubular conducting template material (multiwalled carbon nanotubes “MWCNTs”—a type of carbonaceous nanotube structure). Comparative studies of the four material systems viz. system‐1: PANI, system‐2: PANI/MWCNTs, system‐3: PANI/Starch, and system‐4: PANI/MWCNTs/Starch have been carried out to understand the physical and chemical characteristics by using following instrumental techniques; UV‐Visible spectroscopy, fourier infrared spectroscopy, Raman, X‐ray diffraction, scanning electron microscopy, transmission electron microscopy, BET‐surface area, conductivity, thermal gravimetric analysis, differential scanning calorimetry, and cyclic voltammetry. Proposed nanocomposite material, PANI/MWCNTs/Starch has nanosized integrated porous morphology (∼200–300 nm) with interconnected architecture, while simultaneously having good conductivity and better electroactivity. Moreover, the presence of hydroxyl functionality empowers it with good dispersion ability which is further supported by good biodegradability and biocompatibility. These properties together attest the proposed system for promising applications in biosensors and screen printed electrode ink formulation. POLYM. COMPOS., 38:496–506, 2017. © 2015 Society of Plastics Engineers