The effect of multiwall carbon nanotube (MWCNT) content on the physical and mechanical properties of Fe-MWCNT composites has been studied. High-energy ball milling (HEBM) is employed to produce the composite powder; following this, spark plasma sintering (SPS) process has been adopted for powder consolidation. The composite powder and the sintered products were subjected to structural characterization by XRD. Microstructural studies were carried out by optical, field-emission scanning and high-resolution transmission electron microscopy. While Fourier transform infrared spectroscopic study of composites was done to understand the bonding characteristics, Raman spectroscopy was employed to assess the structural damage of MWCNT after HEBM. The effects of processing on the behavior of C-C, C-O and Fe-O bonds are studied by x-ray photoelectron spectroscopy. Microhardness and compressive strength of composites are also determined. Finally, magnetic and electrical properties of the composites were characterized. It was observed that optimized ball milling conditions help to preserve the structural identity of MWCNT. Consolidation by SPS insured good interfacial bonding. The microhardness and compression strength are significantly improved in MWCNT-reinforced iron matrix composite. MWCNT has appreciably improved the electrical conductivity of the composites. Tethering of MWCNT by iron oxide has led to appreciable improvement in saturation magnetization till 3 wt.% MWCNT.