Multiwalled carbon nanotubes (MWCNTs) were successfully incorporated inside silica aerogel matrix. Solid composite materials were investigated by high‐resolution transmission microscopy, scanning electron microscopy, optical spectroscopy. MWCNTs in the form of small bundles and individual tubes get locked inside the aerogel between its pores resulting in the local solution‐free environment for nanotubes. Optical transmission of the composite material can be modified by the amount of the added MWCNTs. Nonlinear optical properties were studied by a Z‐scan technique. Composite materials demonstrate saturable absorption for femtosecond laser pulses at 515 nm wavelength that are attributed to the properties of embedded nanotubes. Silica aerogels possess significantly better thermal stability compared to polymer matrices, hosts that are frequently used for saturable absorption applications of carbon nanotubes. Solid and lightweight silica aerogels with embedded nanotubes can be used as optical elements for various photonic devices. Photo of silica aerogel with embedded MWCNTs. Normalized Z‐scan transmittance of silica aerogel with nanotubes for two different on‐focus intensities.