Multi-walled carbon nanotubes (MWCNTs) have great potential to improve the strength and microstructure of traditional cement-based materials. In this research, different aspect ratios of MWCNTs (F-type and L-type) were dispersed into water using surfactants, and then incorporated into reactive powder concrete (RPC) for improving mechanical and microstructure properties. With the addition of 0.025 wt.% F-MWCNTs, the 28 days compressive strength and initial-cracking flexural strength increased by 7.2% and 36%, respectively. Moreover, the first-cracking tensile strengths of the composites containing L-MWCNTs were improved by 16%. Energy absorption capability indices were formulated based on tensile load–displacement curves, and results showed that the energy absorption capabilities of RPC at initial cracking improved as a result of the incorporation of MWCNTs. Furthermore, microscopic analysis indicated that MWCNTs decelerate crack development at the nanoscale and improve the initial-cracking tensile strength of RPC.