Although the photovoltaic performance of the composite of poly-3-hexylthiophene (P3HT) with semiconducting single-walled carbon nanotubes (s-SWCNT) is promising, the short-circuit current density jSC is much lower than that for typical polymer/fullerene composites. Out-of-phase electron spin echo (ESE) technique with laser excitation of the P3HT/s-SWCNT composite was used to clarify the origin of the poor photogeneration of free charges. The appearance of out-of-phase ESE signal is a solid proof that the charge-transfer state of P3HT+/s-SWCNT− is formed upon photoexcitation and the electron spins of P3HT+ and s-SWCNT− are correlated. No out-of-phase ESE signal was detected in the same experiment with pristine P3HT film. The out-of-phase ESE envelope modulation trace for P3HT/s-SWCNT composite was close to that for the polymer/fullerene photovoltaic composite PCDTBT/PC70BM, which implies a similar distance of initial charge separation in the range 2–4 nm. However, out-of-phase ESE signal decay with delay after laser flash increase for P3HT/s-SWCNT composite was much faster, with a characteristic time of 10 µs at 30 K. This points to the higher geminate recombination rate for the P3HT/s-SWCNT composite, which may be one of the reasons for the relatively poor photovoltaic performance of this system.