Multiwalled carbon nanotube (MWCNT)/polyurethane (PU) foams have been synthesized from polypropylene glycol and 2,4/2,6-toluene diisocyanate following the one-shot foaming method in the presence of water as the chemical blowing agent. The effects of CNT content on the performances of the foams have been analyzed in terms of reactivity, mechanical and dynamic mechanical properties, and shape memory properties of the foams. It was found that the cream time, rise time, tensile, and compressive strengths at room temperature, glassy and rubbery state moduli, glass-transitional temperature (T-g), and shape fixity and shape recovery increased with the addition and increasing amount of MWCNT.