In this study thermoplastic polyurethane (TPUs) nanocomposites incorporating carbon nanotubes (CNTs) and graphene nanoplatelets (GNPs) were prepared via melt blending and compression molding and CNT dispersion was optimized by using non-covalent surface modification (surfactant). Filler dispersion was further improved by combining two fillers with different geometric shape and aspect ratio in hybrid filler nanocomposites. Synergistic effects were observed in the TPU-GNP-CNT hybrid composites, especially when combining GNP and CNT at a ratio of 6 : 4, showing higher tensile modulus and strength with respect to the systems incorporating individual CNTs and GNPs at the same overall filler concentration. This improvement was attributed to the interaction between CNTs and GNPs limiting GNP aggregation and bridging adjacent graphene platelets thus forming a more efficient network. Hybrid systems also exhibited improved creep resistance and recovery ability. Morphological analysis carried out by scanning electron microscopy (SEM) indicated that the hybrid nanocomposite presented slightly smaller and more homogeneous filler aggregates. The well-dispersed nanofillers also favored higher phase separation in TPU, as indicated by atomic force microscopy (AFM), resulting in a better microstructure able to enhance the load transfer and maximize the mechanical and viscoelastic properties.