We report on shear‐induced nanotube agglomerate formation in low viscous multiwalled carbon nanotube/epoxy suspensions during steady shear rate step tests. A combined setup allows monitoring of the electrical, rheological, and optical properties of the system. High initial shearing was found to be necessary to achieve the insulator‐to‐conductor transition as well as low shear rate viscosity enhancement. Depending on the applied pre‐shear, conductivity improvement of about four orders of magnitude was observed. Different morphologies for shear‐induced agglomerates were detected before and after high shear. The critical minimal shear rate for the system was determined and a simple model using phase separation due to high shear forces is proposed.