This review summarises the research work carried out in the field of carbon nanotube (CNT) metal matrix composites (MMCs). Much research has been undertaken in utilising CNTs as reinforcement for composite material. However, CNT-reinforced MMCs have received the least attention. These composites are being projected for use in structural applications for their high specific strength as well as functional materials for their exciting thermal and electrical characteristics. The present review focuses on the critical issues of CNT-reinforced MMCs that include processing techniques, nanotube dispersion, interface, strengthening mechanisms and mechanical properties. Processing techniques used for synthesis of the composites have been critically reviewed with an objective to achieve homogeneous distribution of carbon nanotubes in the matrix. The mechanical property improvements achieved by addition of CNTs in various metal matrix systems are summarised. The factors determining strengthening achieved by CNT reinforcement are elucidated as are the structural and chemical stability of CNTs in different metal matrixes and the importance of the CNT/metal interface has been reviewed. The importance of CNT dispersion and its quantification is highlighted. Carbon nanotube reinforced MMCs as functional materials are summarised. Future work that needs attention is addressed.