Thin films of poly vinyl chloride (PVC)/multiwalled carbon nanotubes (MWCNT) and PVC/graphene (GN) nanocomposites were prepared by mixing in the presence of different quantities of nanoparticles. Film casting was performed using tetrahydrofuran as a solvent. The as-prepared PVC/MWCNT and PVC/GN nanocomposites were characterized by scanning electron microscopy, Raman spectroscopy, X-ray diffraction, thermogravimetric analysis, differential scanning calorimetry, dynamic mechanical analysis, and diffused reflectance spectroscopy. Only the PVC/GN nanocomposite films were evaluated further for detailed mechanical analysis because of the poor dispersion of MWCNTs in PVC. The PVC/GN nanocomposite films were thermo-mechanically more stable than the PVC films. These nanocomposites have potential as a replacement material for PVC and PVC/MWCNT owing to their better dispersion and high stability.