The aim of this work is to study the preparation and characterization of a new nanocomposite which consists of chemically-modified multiwall carbon nanotubes covered by randomly-deposited nanoparticles of hematite. The morphology, structural and physical properties of the investigated nanomaterial were determined by means of transmission electron microscopy, X-ray diffraction and vibrating sample magnetometry at ambient conditions. The presence of residual catalyst nanospheres inside multiwall carbon nanotubes was confirmed by transmission electron microscopy. The signal coming from this contamination was under the detection limit of X-ray diffractometer, therefore it was not registered.