Polypropylene/multi-walled carbon nanotube(PP/MWCNT) composites along with various MWCNT contents up to 20 wt% were prepared by a twin screw extruder. Nanocomposites having 20 wt% MWCNT as a master batch(M/B) were diluted with PP by way of melt compounding. The electrical/thermal conductivity, morphology, thermal/viscoelastic/mechanical properties were investigated with the variation of MWCNT contents. Also, we compared some properties between 1-step PP/MWCNT and the diluted PP/MWCNT composites. The percolation threshold of electrical and thermal conductivity was measured at about 3 wt% MWCNT. And conductivity of diluted PP/MWCNT composites were superior to those of PP/MWCNT composites. The non-isothermal crystallization temperature and thermal decomposition temperature appeared at higher temperatures with increasing MWCNT contents. Morphology showed that length of MWCNT in diluted PP/MWCNT composites was shortened by twice melt blending, which contributed to improve the tensile strength of PP/MWCNT composites.