This paper reviews and enhances numerical models for determining thermal, elastic and electrical properties of carbon nanotube-reinforced polymer composites. For the determination of the effective stress–strain curve and thermal conductivity of the composite material, finite-element analysis (FEA), in conjunction with the embedded fibre method (EFM), is used. Variable nanotube geometry, alignment and waviness are taken into account. First, a random morphology of a user-defined volume fraction of nanotubes is generated, and their properties are incorporated into the polymer matrix using the EFM. Next, incremental and iterative FEA approaches are used for the determination of the nonlinear properties of the nanocomposite. For the determination of the electrical properties, a spanning network identification algorithm is used. First, a realistic nanotube morphology is generated from input parameters defined by the user. The spanning network algorithm then determines the connectivity between nanotubes in a representative volume element. Then, interconnected nanotube networks are converted to equivalent resistor circuits. Finally, Kirchhoff's current law is used in conjunction with FEA to solve for the voltages and currents in the system and thus calculate the effective electrical conductivity of the nanocomposite. The model accounts for electrical transport mechanisms such as electron hopping and simultaneously calculates percolation probability, identifies the backbone and determines the effective conductivity. Monte Carlo analysis of 500 random microstructures is performed to capture the stochastic nature of the fibre generation and to derive statistically reliable results. The models are validated by comparison with various experimental datasets reported in the recent literature.