A comparative investigation was carried out on carbon black and multiwalled carbon nanotubes as conductive additives in spherical natural graphite for lithium ion batteries. Scanning electron microscopy images showed that carbon nanotubes interlaced graphite particles in series to form a three-dimensional network. The constant current charge–discharge experiments showed that carbon nanotubes were more effective in improving reversible capacity and cycle stability. The reversible capacity was improved to 366 mAh/g and the cycle stability was improved effectively when carbon nanotubes were used. The research is of potential interest to the application of carbon nanotubes as conductive additives in anode materials for high-power lithium ion batteries.