Controlled drug release systems present a significant alternative to the conventional drug dosages providing drug release for prolonged time periods. Nanocomposite hydrogels offer an important potential for drug release with enhanced physicochemical properties. In this study, the preparation of carbon nanotube (CNT)-based Polyvinylalcohol-Polyvinylpyrolidone (PVA/PVP) nanocomposite hydrogels namely, CNT-25, CNT-50 and CNT-100 were succedded via the freeze/thawing method with the addition of different amounts of CNT. The nanocomposite hydrogels were characterized by swelling tests, FT-IR, DSC, SEM and BET measurements. It was determined that CNT-50 was the most suitable hydrogel for drug release studies having better morhological properties with homogenous distribution of CNT throughout the polymeric nanocomposite matrix. The release of 5-fluororacil (5-FU) as a model drug was investigated in-vitro. The release of 5-FU from CNT-based PVA/PVP nanocomposite hydrogels was exhibited controlled release for one week at pH 7.4. The amount of released of 5-FU was effectively increased with the addition of CNT into the hydrogel matrix.  Korsmeyer-Peppas model was well fitted for determining the release mechanism of 5-FU from CNT-based PVA/PVP nanocomposite hydrogels corresponding the combination of diffusion of the drug and the dissolution of polymer chains.