Carbon fiber‐reinforced epoxy (CF/EP) composites have been widely used in aerospace industry, while poor electrical conductivity and interlaminar shear fracture toughness could reduce their safety as structural components in use. In this work, we achieved simultaneous improvement in electrical conductivity and interlaminar shear strength through interleaved multi‐walled carbon nanotubes (MWCNTs) doped thermoplastic polyurethane (TPU) conductive thin films (CTFs), which were prepared by a solution casting method. The experimental results showed that the electrical conductivity of the laminates increased by about 13 and 16 times in the transverse and thickness directions with only about 1 wt % MWCNTs content in the laminates. The end‐notch flexure (ENF) tests showed that the mode II interlaminar fracture toughness (GIIC) of composites with 10 wt % MWCNTs CTF interleaf shows a significant increase of about 106%. The enhancement mechanism was further explored through microscopic morphological observation. © 2019 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2019, 136, 47988.