In this article, we have studied thermal and dielectric conductivity and morphology of polycarbonate (PC)/ethylene–propylene copolymer (EPC)/multiwalled carbon nanotubes (MWCNTs) nanocomposites. Transmission electron microscopy has been used to investigate the localization and migration of MWCNTs within the matrix. The MWCNTs were located in the PC phase and at the interface of PC and EPC. The results showed that the thermal conductivity of the PC decreased with the increasing content of EPC elastomeric particles. However, at the same time, one could observe an increase of the thermal conductivity in the polymer blends along with an addition of MWCNT. The electrical conductivity of the PC/EPC blends containing 10 wt% of EPC increased with the incorporation of MWCNTs, and the conducting paths were formed at additive content less than 0.5 wt% of MWCNT.