This work is focused on the competitive effects on the performance of the electric double layer capacitors (EDLCs) between porosity increase and simultaneous conductivity decrease for KOH-activated carbon nanotubes (CNTs). A series of the CNTs have been activated with KOH to enhance their surface areas for application in EDLCs. The microstructure of the activated carbon nanotubes (ACNTs) is characterized with N2 adsorption, transmission electron microscopy (TEM) observation and electric conductivity measurement. Their electrochemical performances are evaluated in aqueous KOH electrolyte with galvanostatic charge/discharge, cyclic voltammetry, and ac impedance spectroscopy. It is found that the KOH activation enhances the specific surface area of the CNTs and its specific capacitance but decreases its electric conductivity and the rate performance in EDLC. By controlling the activation of the CNTs to balance the porosity and conductivity, ACNTs with both high capacitance and good rate performance are obtained.