Combining various carbon nanofillers with different dimensions can lead to a synergistic effect through the formation of an efficient conductive network. Hybrid polyurethane (PU) nanocomposites containing multi-walled carbon nanotubes (MWCNTs) and graphene nanoplatelets (GNPs) were fabricated to study experimental and theoretical aspects of thermal conductivity (TC) enhancement. The optimization of hybrid nanofillers combinations was done to synergically enhance the TC using various types of graphene, nanofillers concentrations and ratios. A synergistic thermal conductivity improvement with MWCNTs and GNPs was confirmed at low nanofillers contents. The TC of hybrid nanocomposite at 0.25 wt% is approximately equivalent to the TC of individual nanofillers at 0.75 wt%. An analytical model for the effective thermal conductivity of single and hybrid nanocomposites was considered with variables of volume fraction, interfacial thermal resistance, straightness of the nanofillers and the percolation effect, in which the predictions of the modified models agreed with the experimental results.