Metal matrix nanocomposites (MMNCs) reinforced by carbon nanotubes (CNTs) are good candidates to produce structural components in the mobility industry, given their unique properties. The manufacture of these components can involve plastic deformation. Therefore, it is crucial to understand whether reinforcement can influence the deformation behaviour of these nanocomposites. Thus, this work aims to study the deformation behaviour of MMNCs, given their importance and the lack of studies on this topic. Although nickel is not the most widely used metal as a matrix of nanocomposites, it presents mechanical properties superior to other matrices, such as aluminium. In addition, this metal has proven to establish a strong interface and integration of carbon nanotubes, making it an exciting material for the production and study of these nanocomposites. In that sense, nickel matrix nanocomposites are reinforced by 1.00 %vol. CNTs were produced by powder metallurgy using ultrasonication as a dispersion/mixture method. For comparison purposes, a nickel matrix was produced under the same conditions. Samples with and without CNTs were cold-rolled with thickness reductions between 10 and 60% (logarithmic strains between 0.11 and 0.92) to investigate the deformation behaviour. Microstructural characterization was performed using scanning electron microscopy (SEM) and electron backscattered diffraction (EBSD). Microhardness tests were applied to evaluate their mechanical properties. The results revealed that the nanocomposites exhibited a softening for small strains (0.11 and 0.22). This decrease in hardness was attributed to the decline in dislocation density observed by EBSD, due to the rearrangement and annihilation of pre-existing dislocations that originated during production. A possible inversion can explain the decrease in dislocation density when minor strains are applied in the dislocation or deformation trajectory, known as the Bauschinger effect. The difference in the texture evolution of the nanocomposites can be explained by the initial crystallographic orientations, which are influenced by the presence of CNTs.