In recent years, small‐size, low‐weight aerospace propulsion systems have developed rapidly for space exploration, on‐orbit scientific instruments and extra space missions, while additional electron emission devices are commonly required in those propulsion systems. Carbon nanotube (CNT) based field emission cathodes exhibit extraordinary field emission properties and are regarded to be an ideal alternative of conventional thermionic or hollow cathodes. In this study, the authors give an overview of present status of researches on CNT‐based electron emission cathodes for utilising as neutralisers or electron sources particularly in space electric propulsion systems, the theory and characteristics of CNT are also illustrated. Furthermore, challenges, problems and possible solutions before actual applications of CNT in a space mission are discussed accordingly.