CNT/ZnO/PVDF polymer composite phototransistor is studied for the effect of CNT loading and the photoinduced modulation on its transfer characteristics. XRD study shows that the induced strain in the composite is due to the addition of CNT to the ZnO/PVDF composite. The percentage of β-phase present in PVDF is estimated through Raman spectroscopy and the composite's spectral response is determined by UV-Vis absorbance spectroscopy. From the DC electrical conductivity study it is found that the percolation threshold for the composites is obtained for 0.3 wt% of CNT, and 0.44 wt % of CNT loading makes the composite conductive. On adding 1 wt% of CNT, the electrical conductivity of the ZnO/PVDF composite increases 40 times (~ 0.2 μS/m). The temperature-dependent DC conductivity shows that the conductivity of the composites changes from variable range hopping (VRH) to band conductance upon an increase in CNT loading above the percolation threshold and exhibits a negative temperature coefficient (NTC). Two terminal photoconductivity studies are done to understand the photo enhancement and sensitivity of all the devices. PE hysteresis studies show that the polarization of the composites increases drastically from 0.05 μC/cm2 below the percolation threshold to 10 - 30 μC/cm2 above the percolation threshold of CNT in the composite. To study the effect of interfacial polarization on photoconductivity, the composite is studied in a three-terminal device format using SiO2 as a gate dielectric. A band diagram analysis of the oxide-composite and CNT/ZnO interface is done to understand the mechanism behind the photoinduced field effect on transfer characteristics and the effect of CNT loading. The switching behavior and decay time under UV illumination are studied to understand the effect of CNT loading and photoinduced polarization. The persistent photoconductivity decreases and the charge collection efficiency of the FET increases as the CNT loading increases.