SAC (sulfoaluminate cement) has become a research hotspot as a low-carbon ecological cement. In addition, multi-walled carbon nanotubes have good thermal, mechanical, and electrical properties and can serve as excellent nano-reinforced cement-based fillers. This study explored the dispersion of carbon nanotubes (CNTs) and researched the effect of CNTs on the mechanical properties, hydration process, hydration products, and microstructure of SAC paste, and the mechanism of CNT-enhanced SAC paste was revealed. The results showed that the mechanical properties of SAC paste were significantly improved after the addition of CNTs. When the CNT content was 0.05%, 0.1%, and 0.15%, the compressive strength after 28 d was increased by 13.2%, 18.3%, and 22.5%, respectively; compared with the C0 group (without CNTs), the flexural strength increased by 8.2%, 11.3%, and 14.4%, respectively. The addition of CNTs accelerated the hydration process of SAC paste. Due to the adsorption effect and nucleation effect of CNTs, more hydration products were generated, filling the matrix’s pores and improving its compactness. The mechanism of CNTs enhanced SAC paste was revealed. CNTs and hydration products co-filled the pores, including AFt (ettringite) and AH3 (gibbsite). CNTs improve the mechanical properties of SAC paste through filling, bridging, crack bending, deflection, pulling out, and pulling off.