The aviation industry relies on lightweight carbon fiber-reinforced polymers (CFRP) for fuel efficiency, which necessitates lightning strike protection (LSP) and electromagnetic shielding due to their electrical insulating characteristics. Traditional metallic meshes used for LSP are heavy and corrosion-prone, prompting the exploration of alternatives. This research showcases CFRP nanocomposites with enhanced LSP properties through the incorporation of graphene nanoplatelets (GNPs) and carbon nanotubes (CNTs). While the enhanced conductivity in the nanofilled epoxy matrix did not impact the overall conductivity of CFRP panels, a significant damage reduction was observed after simulated lightning strike tests. Similar approaches in the literature have also noted this discrepancy, but no attempts to reconcile it have been made. This work provides a framework to explain the damage reduction mechanism while accounting for the modest conductivity improvements in the nanoreinforced CFRPs. Additionally, a simple, nondestructive method to assess surface resin degradation after a lightning strike test is proposed, based on the fluorescence of diphenyl ketones. The discussion is supported by electrical conductivity measurements, damage pattern evaluation using the proposed UV-illumination method, ATR-FTIR, and scanning electron microscopy analysis pre- and postlightning strike simulation.