We fabricate hybrid coaxial nanotubes (NTs) of multiwalled carbon nanotubes (MWCNTs) coated with light-emitting poly(3-hexylthiophene) (P3HT). The p-type P3HT material with a thickness of approximately 20 nm is electrochemically deposited onto the surface of the MWCNT. The formation of hybrid coaxial NTs of the P3HT/MWCNT is confirmed by a transmission electron microscope, FT-IR, and Raman spectra. The optical and structural properties of the hybrid NTs are characterized using ultraviolet and visible absorption, Raman, and photoluminescence (PL) spectra where, it is shown that the PL intensity of the P3HT materials decreases after the hybridization with the MWCNTs. The current-voltage (I-V) characteristics of the outer P3HT single NT show the semiconducting behavior, while ohmic behavior is observed for the inner single MWCNT. The I-V characteristics of the hybrid junction between the outer P3HT NT and the inner MWCNT, for the hybrid single NT, exhibit the characteristics of a diode (i.e., rectification), whose efficiency is clearly enhanced with light irradiation. The rectification effect of the hybrid single NT has been analyzed in terms of charge tunneling models. The quasi-photovoltaic effect is also observed at low bias for the P3HT/MWCNT hybrid single NT.