We analyzed the dispersion state of carbon nanotubes (CNTs) in m−cresol using dispersion stability analysis, optical microscopy, and UV−vis spectroscopy. The high dispersion stability of CNT/m−cresol dispersion was observed when it was sufficiently treated with ultrasonication. Despite the high dispersion stability, optical microscopy and UV−vis spectroscopy analysis of various CNT/m−cresol dispersions revealed that CNT bundles in m−cresol were not dispersed into individual CNTs. We also propose that the blue-shift of the G peak of CNTs in m−cresol in the Raman spectrum, which had been reported as evidence of the formation of the charge−transfer complex between m−cresol and CNTs, is rather attributed to the interference of m−cresol’s inherent peak at around 1600 cm−1.