In this study, composite nanofibers from a solution of polyacrylonitrile (PAN), functionalized multi-walled carbon nanotubes (f-MWCNTs), and silver nitrate (AgNO3) in dimethylsulfoxide were successfully produced by the electrospinning method. Aqueous solution of hydrazinium hydroxide was used for the chemical reduction of silver ions. The effects of the simultaneous use of carbon nanotubes (either pristine or amine-functionalized) and silver nitrate in different percentages and the application of chemical reduction on the properties of the nanocomposite nanowebs were investigated. FTIR, SEM, conductivity meter, tensile tester, XRD, and DSC were used for the characterization. Antibacterial activities of the nanocomposite nanowebs were determined against S. Aureus. Full factorial experimental design was utilized in order to be able to evaluate the contributions of the selected factors (f-MWCNT content, AgNO3 content, and application of reduction process) to the variations in ultimate tensile strength, elongation, and conductivity of the composite nanowebs. Analysis of variance (ANOVA) and multiple comparisons were carried out to evaluate the average nanofiber diameters and mechanical properties. PAN/f-MWCNTs/AgNPs nanowebs displayed enhanced conductivity and antimicrobial properties particularly when the chemical reduction process was applied. Besides they showed improved crystallinity compared with pure PAN nanofibers. While the reduction process made the highest contribution to the ultimate tensile strength, elongation, and conductivity of the nanowebs, f-MWCNT content had negligible effect on conductivity of the nanowebs. Considering all the results obtained in this study, composite nanofiber webs of PAN with 1w% f-MWCNTs and 1w%AgNO3 can be suggested for use as antistatic and antibacterial filaments.