Recently many attempts were conducted to enhance the structural morphology and properties of pitch-derived carbon foam (CF) by dispersing different additives in the CF matrix. But unfortunately, these additives enhance one property at the cost of another one. Herein, this work mainly considered the collaborated effect of multi-walled carbon nanotubes (MWCNTs) and functionalized nanodiamonds (FNDs) in the CF matrix phase was studied and compared with coupled CF/MWCNTs and CF/MWCNTs-FNDs hybrid composites. Coal tar pitch (CTP), a raw substance was applied to synthesize pretreated CF pitches via forming, carbonization, and graphitization techniques. Both types of nanocomposites were checked for various structural and morphological characterizations. Investigations revealed that the upgradation of microstructure, pore size, and uniform dispersion of samples can be made possible with the incorporation of nanofillers. However, between two different types of reinforcement materials, FNDs proved more influential to maximize the mechanical, thermal, and electrical attributes of CF nanocomposites. Different samples including pure CF, 1, 2, and 4 wt% CF/MWCNTs and CF/MWCNTs-FND were investigated. It was observed that with an increment in the amount of nanofiller, properties showed different variations. The best thermal, mechanical, and electrical properties were offered by 2 and 4 wt% CF/MWCNTs-FNDs hybrid samples respectively. Furthermore, the photocatalytic activity of the CF samples was investigated against Alizarin red (AR) dye. Results show that a hybrid sample of CF/MWCNTs-FND (4 wt%) is the most effective and sustainable as well as it almost decolorized about 88 % AR dye. Furthermore, it was also noticed that the dye decolorization increases with increasing catalyst dosage and pH of the medium and decreasing initial dye concentration.