Multi-walled carbon nanotube (MWNT)/poly (methyl methacrylate) composites were fabricated with the variation of the concentration rate of nanotubes by the solution casting. SEM images showed that the nanotubes were dispersed well throughout PMMA. Assuming that MWNTs in MWNT/PMMA composites were randomly oriented, the Tsai-Pagano equation, which can give the moduli of short fiber reinforced composites, was used to evaluate that of the MWNT/PMMA composite. For investigating mechanical properties of the MWNT/PMMA composite, tensile loading tests were performed, varying the concentration rate of the MWNTs. For each concentration rate of the MWNTs, at least 5 specimens of MWNT/PMMA composites were made and tested. As the concentration rate of the MWNTs increased from 0 to 0.15wt%, tensile strength and modulus of the MWNT/PMMA composites were improved by about 20% and 32%, respectively. However, the experimental results were not in agreement with what we estimated. Here are two reasons supposed. First, the MWNTs used in this research were not stretched straightly but entangled. It means that MWNTs cannot be assumed to be short fibers. Second, the concentration rate of the MWNTs is too small to be considered as short fiber composites.