A comprehensive study of a less harmful functionalization of multiwalled carbon nanotubes (MWCNT) was performed. The influence of ultrasonic cavitation and solid/liquid interface was indirectly evaluated by statistical characterization of MWCNT aspect ratio and degree of functionalization. MWCNT aspect ratio was determined through hundreds of electron microscopy images. Degree of functionalization of MWCNT was characterized by elemental analysis and thermogravimetry. Distribution of different oxygen-containing functional groups was assessed by potentiometric titration. MWCNT aqueous dispersions were evaluated by electrophoretic mobility and dynamic light scattering. An acid volume over 90% lower than usually reported in literature guaranteed MWCNTs with significantly larger aspect ratio, higher proportion of carboxylic groups and a more negative zeta potential in aqueous suspension. These results can be related to a more localized ultrasonic cavitation in MWCNTs/acid interface for reduced liquid volumes. This distinguished influence of ultrasonic cavitation may be a valuable contribution to more eco-friendly processes with nanomaterials.