Biodegradable poly(L-lactide-co-glycolide) (PLGA)/multiwalled carbon nanotubes (MWCNTs) scaffolds produced by thermally induced phase separation (TIPS) are studied for bone regeneration. Their magnetic properties, cytotoxicity, and in vitro degradation are investigated. Certain properties are analyzed at 37 C over 16 weeks in phosphate buffer saline (PBS) solution, as a function of degradation time: morphology, mass loss, pH value of PBS, and thermal behavior. The presence of small quantities of nanotubes in the scaffolds, ≤0.5 wt %, leads to a weak magnetic response although the PLGA was diamagnetic. The incorporation of MWCNTs in the scaffolds generated a morphology and a very different process of in vitro degradation than might be expected in a PLGA scaffold. The in vitro degradation process started on week 13 and rapidly advanced, although the structural integrity of the scaffolds was maintained and no collapse of the structure occurred. Cytotoxicity tests on the samples showed cytotoxicity behavior at concentrations of over 0.3 wt % MWCNTs.