Abstract: The properties and reinforcement necessity of phenolic resin (PF) are introduced. The causes of modifing carbon nanotubes(CNTs) are expunded and several modification methods are compared. Three kinds of methods of preparing CNTs/PF matrix composite are summarized, including solution blending, dry powder mixing and in-situ polymerization. Meanwhile, their advantages and weakness are analyzed comparatively, and then the mechanical, thermal and tribological properties of the composites are reviewed. Finally, two problems are pointed out in the present research of CNTs/PF matrix composite. One is that carbon nanotubes′ reunion in the PF substrate can′t be prevented effectively and thoroughly, and the other is the vagueness of carbon nanotubes′ reinforcement mechanism. For the above problems, main research directions in the future are proposed.