The perovskite solar cells (PSCs) reveal the impressive performance due to the extraordinary characteristic features of perovskite material and its fabrication methods. The complex deposition process and hygroscopic nature of hole transport materials are biggest obstacles for attaining high power conversion efficiency (PCE) with long term stability in PSC. In this study, NiO/MWCNT nanocomposites have been synthesized by hydrothermal method and are incorporated in CH3NH3PbI3 to increase the performance of PSCs with stability. The incorporation has been carried out to improve the properties of CH3NH3PbI3 such as formation of large grain size/grain boundaries, reduce the defects that enhance the charge generation/collection and reduction in recombination. The fabricated PSCs with NiO/MWCNT revealed a PCE of 14.93 % with moderate hysteresis, which is significantly higher PCE than that of pristine PSC. The enhanced recombination resistance was observed by electrochemical impedance spectroscopy, which evinces the remarkable PCE of NiO/MWCNT incorporated PSC. The strong PL quenching and red shift of PL spectrum confirms the low recombination and larger grains in the NiO/MWCNT-CH3NH3PbI3 layer. Moreover, the NiO/MWCNT incorporated PSC retains 94 % of its initial PCE after 600 h of aging under atmospheric condition whereas the PCE of pristine PSC shows 87 % of its initial PCE value. The carbon back electrode also supports to lift up PCE and stability of PSCs.