Home-made multiwall carbon nanotubes (MWCNTs) were used as a reinforcing conducting filler for a thermoplastic polymer, polycarbonate (PC) and the mechanical and electrical properties of the composites were investigated for electrostatic discharge (ESD) and electromagnetic interference (EMI) shielding applications. A uniformly dispersed MWCNT/PC composite system was fabricated using solvent casting and a combination of solvent casting and compression molding techniques. The effect of MWCNTs on the failure mechanism of the polymer under tensile loading showed a ductile to brittle transition with increasing amount of carbon nanotubes. ESD studies showed that the composite films of 2 and 5 wt% functionalized-MWCNT/PC with respective charge decay times of 1 and 0.6 s show promise as electrostatic dissipative materials. EMI shielding effectiveness of a five-layered system (∼2 mm thickness) of as-synthesized-MWCNT/PC composite films at 20 wt% loading reached 43 dB in the X-band (8.2–12.4 GHz). The primary mechanism of shielding was absorption, suggesting possible use as an EMI absorbing material. By using low pressure (contact pressure) compression molding the EMI shielding properties of bulk composites (∼2 mm thickness) improved by about 14 dB at 10 wt% MWCNT loading.