The aim of this paper was to evaluate the effect of different dispersion methodologies on mechanical properties of the aluminum-silicon (AlSi) composites reinforced by multi-walled carbon nanotubes (MWCNTs) coated with Ni. Different mixing procedures of MWCNTs with AlSi powder were tested, and AlSi-CNT composites were produced by hot pressing—powder metallurgy technique. The shear tests were performed to get the mechanical properties. Scanning electron microscopy with x-ray energy dispersive spectroscopy analysis and thermal analysis was used to investigate the microstructure of AlSi-CNT composites, interface reactions, and fracture morphology after shear tests. The experimental results proved that an improvement of dispersion of CNTs was achieved by using a combination of different mixing processes.