A multifunctional polymer-based composite has been designed based on poly(vinylidene fluoride) (PVDF) as polymer matrix and cobalt ferrite (CoFeO, CFO) and multiwalled carbon nanotubes (MWCNTs) as fillers, allowing to combine magnetic and electrical responses. The composites were prepared by solvent casting with a fixed 20 wt % concentration of CFO and varying the MWCNTs content between 0 and 3 wt %, allowing to tailor the electrical behavior. The morphology, polymer phase, and thermal and magnetic properties are nearly independent of the MWCNT filler content within the polymer matrix. On the other hand, the mechanical and electrical properties strongly depend on the MWCNT content and a maximum d.c. electrical conductivity value of 4 × 10 S·cm has been obtained for the 20 wt %CFO-3 wt %MWCNT/PVDF sample, which is accompanied by an 11.1 emu·g magnetization. The suitability of this composite for magnetic actuators with self-sensing strain characteristics is demonstrated with excellent response and reproducibility.