In this work, composites based on AA5049 aluminium alloy reinforced with multiwalled carbon nanotubes (CNTs) and multiwalled TiC-coated CNTs were prepared by powder metallurgy. For the first time, the effect of TiC coating on the CNT surface on the flow stress of aluminum matrix composites under compressive conditions at 300–500 °C has been investigated. It was found that composites reinforced with TiC-coated CNTs have a higher flow stress during high-temperature deformation compared to composites reinforced with uncoated CNTs. Moreover, with an increasing temperature in the 300–500 °C range, the strengthening effect increases from 14% to 37%. Compared to the reference sample of the matrix material without reinforcing particles, obtained by the same technological route, the composites reinforced with CNTs and CNT-hybrid structures had a 1.8–2.9 times higher flow stress during high-temperature deformation. The presented results show that the modification of the CNTs surface with ceramic nanoparticles is a promising structure design strategy that improves the heat resistance of aluminum matrix composites. This extends the potential range of application of aluminum matrix composites as a structural material for operation at elevated temperatures.