In this work, thermoplastic polyurethane (TPU) elastomers reinforced with carbon nanosized particles were produced by a special melt blending technique. A TPU was melt blended with high-structured carbon black and carbon nanofibres (1 wt%). A miniature asymmetric batch mixer, which applies high shear levels to the melt, ensured good particles dispersion. The TPU material systems were then thoroughly characterized using thermogravimetric analysis, differential scanning calorimetry, tensile mechanical testing, electrical resistance measurements and flammability tests. The different nanofillers exhibited different influences on the TPU properties, these materials featuring interesting and improved multifunctional behaviours, with high propensity for large deformation sensors applications.