Multiwalled carbon-nanotube (MWCNT)-embedded microcapsules were fabricated by the stepwise deposition of polyelectrolytes and oxidized MWCNTs using the layer-by-layer (LbL) self-assembly technique based on electrostatic interaction. Electrochemical behaviors of the MWCNT-embedded microcapsules were studied by cyclic voltammetry (CV). Transmission electron microscopy (TEM), scanning electron microscopy (SEM), atomic force microscopy (AFM), and confocal laser scanning microscopy (CLSM) were used to characterize the morphology of the microcapsules. Experimental results revealed that MWCNTs were homogeneously assembled in the microcapsule shells, forming a netlike structure. CV measurements indicated that MWCNT-embedded microcapsules exhibited different electrochemical behaviors by changing surrounding conditions, such as pH and salt concentration. The MWCNT-embedded microcapsules, combined with the electrochemical behaviors, are envisaged to be utilized in applications for biosensors and catalysis.