Polyvinylidene fluoride (PVDF)‐functionalized single walled carbon nanotube (FSWCNT) film composites were prepared by two different process conditions—air drying and vacuum drying. Though reports on –PVDF‐FSWCNT composites are available, we provide a new outlook here, which is based on optimized functionalization and novel processing conditions. The microstructural and phase changes occurring in PVDF having nanotubes functionalized for different extent of time were investigated and confirmed that those functionalized for 4 h (FSWCNAT‐4) create polar γ phase in PVDF with improved mechanical and electrical properties. X‐ray photoelectron spectroscopy studies showed that PVDF/FSWCNT‐4 composites have the maximum percentage of functional groups. It is also found that PVDF/FSWCNT‐4 composite films prepared through air drying were rough and had a cloudy appearance suitable for applications demanding open porous structures, whereas those prepared through vacuum drying process were smooth and homogeneous with high optical transparency, suitable for microelectronic applications. Thus, by suitably controlling the processing conditions and by using optimally functionalized nanotubes, PVDF films with multifunctional properties could be achieved. In order to extract the full capabilities of PVDF/SWCNT films, functionalization of the nanotube together with processing conditions plays a significant role.