The preparation of associative networks containing multi‐walled carbon nanotubes (MWCNTs) with covalently attached cyclodextrin (CD) rings and poly(isobutylene)‐co‐(maleic anhydride)‐co‐(maleic acid‐(4‐tert‐butylphenyl)amide)] in water is described in this study. The synthesis of CD containing MWCNTs is realized by an amidation reaction of oxidized MWCNTs with propargylamine followed by a 1,3‐dipolar cycloaddition with CD‐azide. Dispersion behavior indicated the high stability of these networks. An increase in viscosity compared to a solution of pure polymer as a cause of network formation is observed. The addition of a CD‐decomposing enzyme (taka‐diastase from Aspergillus oryzae) let the network collapse and results in sedimentation of the modified MWCNTs.