Results of an investigation into the properties of polyethylene (PE) with small, no more than 5 wt.%, additions of multiwall carbon nanotubes (CNTs) are reported. Specimens of the composite were prepared using a concentrate containing 31.6 wt.% of nanotubes in the polyethylene matrix. The concentrate was fabricated by a patent in situ polymerization method. Experimental data on the influence of CNT additions on the thermograms of differential scanning calorimetry, the crystallinity of the polyethylene matrix, and the indices of mechanical properties (yield stress, strength, elastic modulus, ultimate elongation, and long-term creep) of PE/CNT composite are obtained. A theoretical analysis of elastic properties of the PE/CNT composite was carried out by using the Mori–Tanaka theory of an equivalent medium. The calculation results are compared with experimental data.