Electrical, mechanical, and thermal properties of the poly(methyl methacrylate) (PMMA) composites containing functionalized multiwalled carbon nanotubes (f‐MWCNTs) and reduced graphene oxide (rGO) hybrid nanofillers have been investigated. The observed electrical percolation threshold of FHC is 0.8 wt% with maximum conductivity of 1.21 × 10−3 S/cm at 4 wt% of f‐MWCNTs. The electrical transport mechanism and magneto resistance studied of hybrid composites have also been investigated. Progressive addition of f‐MWCNTs in rGO/PMMA composite results increase in mechanical (tensile strength and Young's modulus) and thermal (thermal stability) properties of f‐MWCNTs‐rGO/PMMA hybrid nanocomposites (FHC). The increased mechanical properties are due to the efficient load transfer from PMMA matrix to f‐MWCNTs and rGO through better chemical interaction. The strong interaction between PMMA and f‐MWCNTs‐rGO in FHC is the main cause for improved thermal stability. POLYM. ENG. SCI., 59:1075–1083, 2019. © 2019 Society of Plastics Engineers