The continuously increasing demands for energy storage devices for portable electronics and electric vehicles have aroused massive research interest in developing lithium–sulfur batteries (LSBs) with high energy density and long‐term stability. Carbon nanotubes (CNTs), possessing numerous superior properties, are integrated into various components of LSBs for performance improvement. Nevertheless, a systematic and insightful issue‐based study of their inherent roles in addressing the practical challenges of LSBs is lacking. There is a growing consensus that CNTs do not directly contribute to the specific capacity (i.e., being involved in the redox reactions with electron loss/gain), while their auxiliary roles, such as providing a conductive and mechanically reinforced framework for active materials, are of prime significance in regulating the electrochemical reaction, charge transport, and mass transfer in the system. In this paper, after briefly introducing the working principles of LSBs and the promising applicability of CNTs, current challenges in various components of LSBs are discussed with the corresponding CNT‐based solutions, followed by an evaluation of the potential for commercializing CNT‐involved LSBs. Finally, some future research directions are provided to improve the device performance further.