Carbon nanotubes (CNT) are promising electroconductive nano-scale materials for neuroregeneration. Herein, we report on a new electroconductive composite scaffold made of the polymer 1% oxidized polyvinyl alcohol (OxPVA) combined with functionalized water soluble multiwalled CNT (OxPVA + MWCNT-S) (diazotization reaction). Preliminarily, MWCNT-S were characterized to evaluate the reaction outcome, the degree of functionalization and the dispersibility in water. Thereafter, OxPVA + MWCNT-S nanocomposite membranes were fabricated and analyzed for physicochemical properties (Raman spectroscopy, thermal decomposition, calorimetric properties, electroconductivity), macroscopic appearance and ultrastructure, mechanical behavior, in vitro cytotoxicity and in vivo biocompatibility. In parallel, OxPVA + MWCNT-S membranes with a linear pattern were also developed and analyzed for interaction with SH-SY5Y cells. Compared to OxPVA, the presence of MWCNT-S (only 0.016 wt%) significantly increased polymer conductivity and imparted a certain porosity without altering mechanical behaviour, as corroborated by uniaxial tensile tests. Neither cytotoxicity nor local signs of inflammation were detected in vitro and after subcutaneous implantation (14 and 42 days), proving composite material biocompatibility. OxPVA + MWCNT-S nanocomposite revealed as promising for future electroconductive conduits free from toxic effects amenable to CNT agglomeration within the polymer. Ideally, nerve lesions with wide gaps, may be effectively supported by those “active” devices, overcoming limitations of the available ones. Despite preliminary data, the presence of a linear pattern confirmed to have a beneficial effect over the scaffold/cells interaction.