MnFeO₃, explored for its application in sensors, catalysis and semiconductors has been validated for the first time as anode for lithium-ion batteries, facilitated through the formation of composite containing multiwalled carbon nanotubes. MnFeO₃ nanoparticles, derived from combustion method upon sonication with multiwalled carbon nanotubes (MWCNT) form MnFeO₃/MWCNT composite that has been explored for the first time as anode material in lithium-ion battery applications. Scalable and highly reproducible sonochemical process has been adopted to form the composite, wherein the interweaved MWCNT ensures better electronic conductivity and the desirable pinning of pristine MnFeO₃ particles with a conductive coating.  The observed capacity and rate capability behavior of MnFeO₃/MWCNT composite anode are  found to be superior than pristine MnFeO₃ anode in such a manner that a steady state reversible capacity of 840 mAh g^-1 has been 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 with respect to various current density conditions ranging from 0.5 to 10 A g^-1, wherein appreciable capacity values of 2960 and 410 mAh g^-1 have been obtained at 0.5 and 10 A g^-1 respectively. The impressive electrochemical performance of MnFeO₃/MWCNT composite anode could be correlated to the multifarious advantages offered by MWCNT, such as increase in the electronic conductivity, maintenance of structural stability upon cycling and mitigation of inherent and exorbitant volume changes observed upon cycling. In particular, the synergistic effect of conversion cum redox reaction triggered electrochemical activity of MnFeO₃ and the increased electronic conductivity rendered by the conducting carbon network of MWCNT, possessing larger surface area and appreciable mechanical strength contributes to the improved electrochemical behaviour, observed with the currently prepared MnFeO₃/MWCNT anode in a significant manner. 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 present study is bestowed with the identification and demonstration of earth abundant, environment friendly and low cost metals viz., Mn and Fe based composite anode for high capacity and high rate lithium-ion battery applications, which is noteworthy.