In this work, graded polyacrylonitrile (PAN)/ carbon nanotube (CNT) films are studied. These graded films exhibit a through-thickness morphology ranging from CNT-rich to PAN-rich regimes. Due to this unique structure, research has been conducted into looking at their applicability for use as electrochemical capacitors. For this reason, the graded PAN/CNT film samples were stabilized, carbonized, and finally physically activated using two methods – (i) treatment in CO2 and (ii) treatment in a 6M KOH solution. The activated films were characterized using several methods including wide-angle X-Ray diffraction (WAXD), scanning electron microscopy (SEM), and four-point probe conductivity measurements. The effect of activation processes on the composite was tracked as a function of each treatment. In addition, refinements were made of each activation process toward producing carbonaceous films suitable for capacitor applications. Considering that the precursor films form a unique graded through-thickness morphology, it is expected that the activated materials will also exhibit a graded porosity. The results of this research work will be presented.