Variation in thermal conductivity of Ag-based composites by introduction of multi-walled carbon nanotubes (MWCNTs) was investigated. The Ag/MWCNT nanocomposite powder was successfully prepared when appropriate surfactants were used via a sonoprocess. The nanocomposite powder was subsequently cured at 280-300°C in air. After curing, the thermal conductivity of the nanocomposites was compared with the electronic contribution to thermal conductivity that was estimated from experimental values of the electrical conductivity. The thermal conductivity of Ag/MWCNT nanocomposites was much higher than the electronic contribution. Therefore, the increase in thermal conductivity of the Ag-based nanocomposites is attributed to phonon transfer along the percolation network of MWCNTs.