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Purpose: Carbon nanotubes owning minimum toxicity, safety and biocompatibility properties, used for diagnosis and treatment of carcinoma in the current days. MWCNTs are conjugated with different molecules for delivery of therapeutic molecules. In the present research work MWCNTs is functionalized non- covalently by PEG polymer to improve the solubility of MWCNTs, preserve and optimize the properties of MWCNTs for the release of drug in controlled manner for cancer therapy. Methods: Preparation carried out in two steps, firstly pristine MWCNTs functionalized by non covalent process using PEG, then drug binded to PEG functionalized MWCNTs. The prepared formulations were evaluated by SEM studies, FT-IR studies, particle size, zeta potential, drug entrapment efficiency, and drug in-vitro release study. Results : SEM images clearly showed increase in size of MWCNTs, FT-IR studies confirms the presence of functional group, particle size increased both in PEG functionalized MWCNTs and drug binded MWCNTs compare to pristine MWCNTs, zeta potential shows negative, all formulations revealed good average drug entrapment efficiency. Conclusion: The present study exhibited that PEGlyation of MWCNTs helps to get better the drug entrapment and drug release in controlled manner. All formulations manifested good percentage of entrapment from 57.49 % to 75.67 % and gave better average drug release performance up to 12 h.