The incorporation of carbon nanotubes (CNTs) into binary immiscible polymer blends is attracting considerable attention both from fundamental and application point of view. This paper provides a comprehensive overview about the notable recent progress in the field of polymer blend/CNT composites. Following a brief introduction of the polymer blend/CNT composites, progress in the selective localization of CNTs in immiscible blends (thermodynamic and kinetic effects), the morphology changes induced by CNTs (compatibilization, phase separation, blend morphology transition), the rheological and crystallization behaviors, and functional properties (mechanical, electrical, shape memory, dielectric, electromagnetic interference shielding, sensor properties, etc.) are reviewed. Finally, the current challenges and opportunities of utilizing CNTs for immiscible blends are proposed. Display omitted