Carbon nanotube (CNT)-based field emission X-ray source with the advantage of fast start-up response offers the chance to achieve high-frequency X-ray emission. In this study, a high-frequency random pulse X-ray source of CNT cold cathode combined with a channel electron multiplier (CEM) was built, and its direct current (DC) and pulse emission characteristics were tested. The DC measurement results were used for parameter selection for performing pulse experiments. During the DC test, with the conditions of 2.2 kV CEM bias voltage and 25 kV anode voltage, the anode currents are 141, 250, and 300 μA at grid voltages of 290, 387.6, and 432.2 V, respectively; the corresponding grid field values are 1.45, 1.94, and 2.16 V/μm. During the pulse test, the amplitude–frequency response of the X-ray source reaches 3.58 MHz at 3 dB. The developed pulse X-ray source was introduced into the X-ray communication (XCOM), and the experimental communication rate reached 6 Mbps with the bit-error-rate of 1.1 × 10−3. The developed high-frequency pulse CNT-CEM X-ray source has potential applications in XCOM, high-speed X-ray imaging, and other fields.