Nickel hydroxide nanoflakes with α-phase structure were prepared using a simple chemical precipitation method. The structure and morphology of the obtained nanoflakes were characterized by X-ray diffraction, Fourier transform infrared spectroscopy and field emission scanning electron microscopy. Cathodic electrophoretic deposition technique was used to fabricate porous pure nickel hydroxide and also multi-walled carbon nanotube/nickel hydroxide composite films from ethanolic suspensions using triethanolamine as a dispersant. Finally, the deposited electrodes were heated at 350 °C for 3 h to form NiO and NiO-CNT electrodes. The effect of triethanolamine and CNTs additives on the electrical conductivity of the suspensions, current density during electrophoretic, and deposition rate was studied. The deposition mechanism and kinetics of deposition were also discussed. Compared with the pure NiO electrode, the prepared NiO-CNT electrode exhibits excellent pseudocapacitive behavior with a higher specific capacitance of 786 F g−1 at 1 A g−1, better rate capability, and good cycling stability.