The conventional method of fiber reinforced polymer (FRP) wrapping around concrete columns uses epoxy as the binder along with synthetic or natural fibers such as carbon, glass, basalt, jute, sisal etc. as the reinforcement. However, the thermal stability of epoxy is a major issue in application areas prone to fire exposure. The current work addressed this major drawback of epoxy by modifying it with a nanofiller, such as multiwalled carbon nanotubes (MWCNT), and reinforcing it using basalt and sisal fibers. The effect of exposure to elevated temperature on the behavior of concrete cylinders externally confined with these FRP systems was analyzed. Three types of specimens were considered: unconfined; confined with sisal fiber reinforced polymer (SFRP); and confined with hybrid sisal basalt fiber reinforced polymer (HSBFRP) specimens. The test samples were exposed to elevated temperature regimes of 100 °C, 200 °C, 300 °C and 400 °C for a period of 2 h. The compressive strengths of unconfined specimens were compared with various confined specimens, and from the test results, it was evident that the mechanical and thermal durability of the FRP systems was substantially enhanced by MWCNT incorporation. The reduction in the compressive strength of the FRP-confined specimens varied depending on the type of the confinement. After two hours of exposure at 400 °C, the compressive strength corresponding to the epoxy–HSBFRP-confined specimens were improved by 15%, whereas a 50% increase in strength corresponding to MWCNT-incorporated epoxy–HSBFRP-confined specimens was observed with respect to unconfined unexposed specimens. The MWCNT-modified epoxy-incorporated FRP-confined systems demonstrated superior performance even at elevated temperatures in comparison to unconfined specimens at ambient temperatures.