The main aim of this work was the investigation of the possibility of replacing the heavy metallic meshes applied onto the composite structure in airplanes for lightning strike protection with a thin film of Tuball single-wall carbon nanotubes in the form of ultra-light, conductive paper. The Tuball paper studied contained 75 wt.% or 90 wt.% of carbon nanotubes and was applied on the top of carbon fibre reinforced polymer before fabrication of flat panels. First, the electrical conductivity, impact resistance and thermo-mechanical properties of modified laminates were measured and compared with the reference values. Then, flat panels with selected Tuball paper, expanded copper foil and reference panels were fabricated for lightning strike tests. The effectiveness of lightning strike protection was evaluated by using the ultrasonic phased-array technique. It was found that the introduction of Tuball paper on the laminates surface improved both the surface and the volume electrical conductivity by 8800% and 300%, respectively. The impact resistance was tested in two directions, perpendicular and parallel to the carbon fibres, and the values increased by 9.8% and 44%, respectively. The dynamic thermo-mechanical analysis showed higher stiffness and a slight increase in glass transition temperature of the modified laminates. Ultrasonic investigation after lightning strike tests showed that the effectiveness of Tuball paper is comparable to expanded copper foil.