Metallic nanoparticles and carbon nanotubes are two of the most promising nanomaterials, due to their distinctive properties occurring from spatial confinement of electron-hole pairs. The unique combination of metallic nanoparticles and carbon nanotubes (CNTs) in a polymer matrix offers unparalleled advantages, making them highly desirable in various fields. Advanced methods and techniques for synthesizing and characterizing hybrid metal-CNT-polymer nanocomposites (PNCs) have undergone significant progress in recent years, paving their integration into various fields, including aerospace, electronics, energy, water treatment and environmental remediation. These advances have allowed better understanding of nanocomposite properties and imparted ability to tune specific properties through size, shape, and distribution control of the nanofillers within the matrix material or by altering filler properties through functionalization. This review aims to critically judge the emerging tools, techniques and methods used in polymer nanocomposites with specific focus on metal-CNT based hybrid polymer nanocomposites, and suggest new avenues for research in the field. Furthermore, by examining the mechanisms affecting the performance of these composites, we can understand how the inclusion of fillers alters the microstructure and overall behavior of the material. Ultimately, this knowledge could lay the foundation for the development of novel nanocomposites with tailored properties and enhanced performance in a plethora of applications.