This document presents the modeling and characterization of novel optical devices based on periodic arrays of multiwalled carbon nanotubes. Vertically aligned carbon nanotubes can be grown in the arrangement of two-dimensional arrays of precisely determined dimensions. Having their dimensions comparable to the wavelength of light makes carbon nanotubes good candidates for utilization in nano-scale optical devices. We report that highly dense periodic arrays of multiwalled carbon nanotubes can be utilized as sub-wavelength structures for establishing advanced optical materials, such as metamaterials and photonic crystals. We demonstrate that when carbon nanotubes are grown close together at spacing of the order of few hundred nanometers, they display artificial optical properties towards the incident light, acting as metamaterials. By utilizing these properties we have established micro-scaled plasmonic high pass filter which operates in the optical domain. Highly dense arrays of multiwalled also offer a periodic dielectric constant to the incident light and display interesting photonic band gaps, which are frequency domains within which on wave propagation can take place. We have utilized these band gaps displayed by a periodic nanotube array, having 400 nm spacing, to construct photonic crystals based optical waveguides and switches.