Six glass compositions were synthesized using a melt quenching technique reinforced with different concentrations of carbon nanotubes (CNTs) from 0.1 to 0.7% in the glassy system SiO2-Al2O3-MgO-K2CO3-CaO-MgF2. Density and molar volumes were estimated by employing a liquid displacement method. In the present study, the reinforcement effect of CNTs was explained using several spectroscopic techniques i.e. Fourier transform infrared (FTIR), ultraviolet-visible (UV-Vis), Raman, and nuclear magnetic resonance (NMR) spectroscopy respectively. Based on Tauc plots of the UV-Vis spectra, the energy band gap was determined and their values decreased from 4.33 to 3.9 eV. Contact angle measurements were performed to check the wettability of the glasses. 29Si-MAS-NMR spectroscopic study showed the random distribution of two dissimilar Ca2+ and Mg2+ ions within these glasses which lead to structural and topological frustration. To check the cell viability, MTT and alkaline phosphatase (ALP) assay were also performed. Owing to outstanding stability in various fluids like saline water, distilled water, and hydrochloric acid, the synthesized glasses exhibited functional activities with an adequate proliferation of rat calverail osteoblast (ROB) cell. Consequently, based on the various characterization techniques such as mechanical, tribological, and biological activities, the fabricated bioactive glassy material can be used for biomedical and multifunctional applications.