In the present study, pristine carbon nanotube (p-CNT) and thiolated carbon naotube (t-CNT) electrodes were investigated to improve their detectabilities for cadmium (Cd) and lead (Pb). In addition, we evaluate which reaction mechanism is used when the electrolyte contains both Cd and Pb metals. Square wave stripping was employed for analyzing the sensitivity for the metals. A frequency of 30 Hz, a deposition potential of -1.2 V vs. Ag/AgCl and a deposition time of 300 s were used as optimal SWSV parameters. t-CNT electrodes show the better sensitivity for both Cd and Pb metals than that of p-CNT electrodes. In case of Cd, sensitivities of p-CNT and t-CNT electrodes were 3.1 μA/μM and 4.6 μA/μM, respectively, while the sensitivities for Pb were 6.5 μA/μM (p-CNT) and 9.9 μA/μM (t-CNT), respectively. The better sensitivity of p-CNT electrodes is due to the enhancement in the reaction rate of metal ions that are facilitated by thiol groups attached on the surface of CNT. When sensitivity was measured for the detection of Cd and Pb metals present simultaneously in the electrolyte, Pb indicates better sensitivity than Cd irrespective of electrode types. It is ascribed to the low standard electrode potential of Pb, which then promotes the possibility of oxidation reaction of the Pb metal ions. In turn, the Pb metal ions are deposited on the electrode surface faster than that of Cd metal ions and cover the electrode surface during deposition step, and thus Pb metals that cover the large portion of the surface are more easily stripped than that of Cd metals during stripping step.