We developed a simple strategy to prepare a multiwall carbon nanotube-nickel cobalt oxide nanosheet hybrid structure by using a microwave method followed by subsequent calcination in air. The structure and morphology of the material are characterized by X-ray diffraction, scanning electron microscopy and transmission electron microscopy. When applied as electrode material in 2M KOH electrolyte for supercapacitors, the multiwall carbon nanotube-nickel cobalt oxide nanosheet structure shows a high specific capacitance of 1395Fg−1 at a current density of 1Ag−1 and excellent cycling stability over 5000 cycles. As an anode material for lithium ion battery applications, the hybrid material presents a high reversible capacity of 904mA h g−1, good rate capability and better cycling performance than nickel cobalt oxide nanosheets and pristine multiwall carbon nanotube. The improved performances of supercapacitors and lithium ion batteries could be accredited to the unique structural features, which support high electron conductivity and rapid ion/electron transport within the electrode and at the electrode/electrolyte interface, and also accommodate volume variation during charge-discharge cycling.