The multi-walled CNT films were directly grown on stainless steel substrates using an oxidation-reduction treatment with chemical vapor deposition. Microstructure and field emission properties of the as-received CNT films were detailedly investigated. The results indicate that the CNTs have originally random orientation with relative high density, good crystalline perfection and large diameter. Besides, the CNT films exhibit superior field electron emission performances with low threshold electric field (∼4.2 V/μm) and very high emission current density (∼24 mA/cm2). Importantly, the CNTs directly grown on stainless steel substrates have remarkable long-term stability with ∼3.4% fluctuation over 50 h continuous measurement under high current density, ∼10 mA/cm2. The perfect graphitization, large field enhancement factor, low contact resistance, good adhesion and high thermal conductivity are believed to be principally responsible for their superior field emission properties, which make them very promising application as an electron source in microthrust space electric propulsion neutralizer.