The composition and electronic structure of cadmium sulfide (CdS) nanoparticles formed by the Langmuir–Blodgett (LB) technique on clean silicon wafers and the surface of vertically aligned carbon nanotube (CNT) arrays are studied by X-ray photoelectron spectroscopy (XPS) and near-edge X-ray absorption fine structure (NEXAFS) spectroscopy. The samples were annealed in a vacuum at 175 °C and 225 °C to remove the organic matrix of the LB film. From the analysis of the XPS data the increased concentration of sulfate groups on the surface of CdS nanoparticles formed on CNTs and the electron density transfer from CdS to CNTs are determined. An increase in the LB film annealing temperature causes an increase in the degree of crystallinity and the CdS crystallite size and a decrease in the photoluminescence intensity of a CdS–CNT hybrid.