The development of advanced composite materials has taken center stage because of its advantages over traditional materials. Recently, carbon-based advanced additives have shown promising results in the development of advanced polymer composites. The inter- and intra-laminar fracture toughness in modes I and II, along with the thermal and electrical conductivities, were investigated. The HMWCNTs/epoxy composite was prepared using a multi-dispersion method, followed by uniform coating at the mid-layers of the CF/E prepregs interface using the spray coating technique. Analysis methods, such as double cantilever beam (DCB) and end notched flexure (ENF) tests, were carried out to study the mode I and II fracture toughness. The surface morphology of the composite was analyzed using field emission scanning electron microscopy (FESEM). The DCB test showed that the fracture toughness of the 0.2 wt.% and 0.4 wt.% HMWCNT composite laminates was improved by 39.15% and 115.05%, respectively, compared with the control sample. Furthermore, the ENF test showed that the mode II interlaminar fracture toughness for the composite laminate increased by 50.88% and 190%, respectively. The FESEM morphology results confirmed the HMWCNTs bridging at the fracture zones of the CF/E composite and the improved interlaminar fracture toughness. The thermogravimetric analysis (TGA) results demonstrated a strong intermolecular bonding between the epoxy and HMWCNTs, resulting in an improved thermal stability. Moreover, the differential scanning calorimetry (DSC) results confirmed that the addition of HMWCNT shifted the Tg to a higher temperature. An electrical conductivity study demonstrated that a higher CNT concentration in the composite laminate resulted in a higher conductivity improvement. This study confirmed that the demonstrated dispersion technique could create composite laminates with a strong interfacial bond interaction between the epoxy and HMWCNT, and thus improve their properties.