A novel drug delivery system (DDS) based on a carbon nanotube (CNT)–poly(3,4‐ethylenedioxythiophene) (PEDOT) composite was constructed via a layering method. Single‐walled CNTs (SWNTs) were immobilized on a gold electrode using a layer‐by‐layer technique. In particular, cysteamine (Cys) was firstly bonded to the gold surface through the strong SAu association and SWNTs were subsequently linked onto the Cys layer through condensation reaction of NH2 and carboxyl groups by 1‐ethyl‐3‐(3‐dimethylaminopropyl)carbodiimide/N‐hydroxysuccinimide coupling. X‐ray photoelectron spectroscopy and Raman spectroscopy demonstrate that this is a facile route for immobilizing CNTs on gold electrodes. Finally PEDOT was electropolymerized on the SWNT‐functionalized electrode to make a SWNT–PEDOT composite, and the modified electrode was applied as a DDS. Dexamethasone, as a model drug, was incorporated into PEDOT in the electropolymerization. Investigations of the electrochemical properties of SWNT–PEDOT demonstrate that SWNTs greatly improve the conductivity and increase the charge capacity of PEDOT. The composite exhibits a petal‐like surface structure, 20–30 nm thick and 100–200 nm wide. Compared to a DDS based on pure PEDOT synthesized under the same conditions, SWNT–PEDOT has the merits of higher drug release rate and larger release amount. The average mass release for every five voltammetry cycles increases from 1.4126 to 1.8864 mg cm−2. Copyright © 2011 Society of Chemical Industry