MnFeO3, investigated for its application in sensors, catalysis, and semiconductors, was explored for the first time as anode for lithium ion batteries in the form of MnFeO3/multiwalled carbon nanotubes (MWCNT) composite. A scalable and highly reproducible sonochemical process was adopted to form the composite, wherein the interweaved MWCNT ensures better electronic conductivity and pinning of pristine MnFeO3 particles with a conductive coating. MnFeO3/ MWCNT composite anode exhibits superior electrochemical properties than pristine MnFeO3 anode in such a manner that a steady-state reversible capacity of 840 mAh g(-1) was obtained at 0.5 A g(-1) even after 50 cycles against an inferior capacity of 200 mAh g(-1) offered by MnFeO3. Further, MnFeO3/MWCNT composite anode shows excellent rate capability and reversibility by way of delivering appreciable capacity values of 2960 and 410 mAh g(-1) at 0.5 and 10 A g(-1), respectively. These results suggest that the currently synthesized MnFeO3/MWCNT nanocomposite anode could be considered as a promising candidate for next-generation hybrid energy storage applications. The study is bestowed with the identification and demonstration of earth-abundant, environment-friendly, and low-cost metals, specifically, Mn- and Fe-based composite anodes for high capacity and high rate lithium ion battery applications, which is noteworthy.