Due to the presence of many flammable substances in the working environments of the petrochemical industry, anticorrosive conductive coatings need to be used on metal equipment to avoid safety accidents like fires. However, existing conductive solvent-based coatings are volatile when exposed to flammable and toxic organic solvents. Thus, in this work, a series of eco-friendly anticorrosive waterborne polyurethane (WPU) composites with multi-walled carbon nanotubes (MWCNTs) were prepared via a low-cost and practical process; the dispersion of MWCNTs was revealed when present in different amounts, and the mechanism behind the conduction of WPU composites was determined. We concluded that low amounts of MWCNTs were well dispersed, generating a conductive network, and the WPU composite was not entirely covered by the MWCNT particles, so the electrical conductivity in certain parts of the coating was good. When the content of MWCNTs was excessive, some stretched MWCNTs dispersed to the top of the composite and many MWCNTs agglomerated at the bottom. Additionally, when the content of MWCNTs was increased, the electrical conductivity, corrosion resistance, and adhesion strength of the WPU composite decreased. Our results could provide a theoretical foundation for the preparation of anticorrosive conductive waterborne composites for protecting equipment in the petrochemical industry.