Multi Wall Carbon Nanotubes (MWCNTs) with a diameter of 20-30 nm were used as a conductive phase to add electric conductivity to yttria stabilized tetragonal zirconia (3Y-TZP). Almost fully dense 3Y-TZP/MWCNTs nanocomposite was obtained by pressureless sintering under inert atmosphere and Hot Isostatic Pressing (HIP) treatment. The conductivity of the nanocomposites increased with increasing content of MWCNTs. Moreover, the fracture toughness increment of the composite was confirmed at 0.5 wt% addition. Scanning electron microscopy and transmission electron microscopy observation of the microstructures showed that MWCNTs were fairly homogeneously dispersed in the 3Y-TZP matrix.