Polyurethane composites were synthesized using carbon nanotube (CNT) and CNT‐halloysite (HNT) hybrid in different amounts. Thermal, rheological, and mechanical properties of the composites were studied using thermogravimetric analysis, rheometrics mechanical spectrometry, dynamic mechanical thermal analysis, stress‐strain analysis, and hardness measurement. In this context, phase separation, elastic modulus, the Young's modulus, damping, tensile strength, ductility, thermal degradation, hardness, and conductivity were measured and discussed in detail. Modulus, tensile strength, and hardness were increased by 69%, 29%, and 1%, respectively, with incorporation of CNT, while tensile strength was reduced in the hybrid composites containing CNT‐HNT hybrid. In addition, hard and soft segment phase separation and melting points were increased up to 0.8% and 21%, respectively, by the addition of CNT. However, these characteristics were reduced with the addition of CNT‐HNT hybrid in the related composites. Uniform dispersion of HNT and CNT in the polyurethane matrix is clearly shown in the transmission electron microscopy images.