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A free space, non-destructive, vectorial continuous wave terahertz analysis method is employed to study the material properties of single-walled and multi-walled carbon nanotube thin films deposited on substrates of fused quartz and silicon. The electrical and optical properties of the thin films have been investigated using a vector network analyzer, in the frequency range of 220-325 GHz (WR 3.4) and 325-500 GHz (WR 2.2). The Nicolson-Ross-Weir method is used to extract the material parameters. The refractive index, absorption coefficient, and the complex conductivity of the single-walled and multi-walled carbon nanotube thin films are extracted and studied.