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The high specific stiffness materials are used to design the space payload components. These components should sustain the extreme environmental condition throughout their life cycle without failure. The prerequisites of future space missions need lightweight materials which must be mechanically strong and high thermal and electrically conductive. The Carbon Nanotubes (CNTs) are efficient filler material in composite or metal matrix to enhance greater electrical and thermal conductivity. The quality of the CNT nano composite relies upon several parameters like the types of CNTs, its purity, aspect ratio, amount of loading, alignment, and interfacial adhesion between the nanotube and polymer. The performance of the CNT-CFRP composite depends on the successful execution of the processing technique. This review paper intends to highlight the enhancement of the mechanical, thermal, electrical properties of the composite, and the challenges to achieving it. This review paper helps to optimise the process parameters to fabricate Space Payload Components, required to replace existing high-density Space Qualified Materials. This review paper should help optimize the process parameters to fabricate Space Payload Components, which can be excellent alternatives to the existing high-density Space Qualified Materials without making any compromise on the performance index. [ABSTRACT FROM AUTHOR]