Two different types of multi-walled carbon nanotube (MWNT), the dispersed and the network MWNTs, were used to reinforce the phenolic resin. The MWNTs/phenolic nanocomposites were tested by a dynamic mechanical analyzer (DMA) to characterize their dynamic mechanical properties. The results showed that increasing the MWNT content can increase the storage modulus, the loss modulus and the glassy transition temperature of the MWNTs/phenolic nanocomposites. A subambient loss transition is seen in the nanocomposites with network MWNTs which results in a better impact resistance property in the nanocomposites. The glassy transition temperature of the nanocomposites with network MWNTs is higher than that of nanocomposites with dispersed MWNTs. The MWNT additive in phenolic resin can be used to improve the dynamic mechanical properties of the MWNTs/phenolic nanocomposites. The tensile failure morphologies of MWNTs/phenolic nanocomposites were also examined using field emission scanning electron microscope (FESEM) to explain the difference between the two types of nanocomposites.