Low thermal conductivity is a primary limitation in the development of energyeffi cient heat transfer fl uids required in many industrial and commercial applications. To overcome this limitation, a new class of heat transfer fl uids was developed by suspending nanoparticles and carbon nanotubes in these fl uids. The resulting heat transfer nanofl uids and nanolubricants possess signifi cantly higher thermal conductivity compared to unfi lled liquids. Three types of heat transfer nanofl uids and nanolubricants, each containing controlled fractions of single-wall carbon nanotubes, multiwall carbon nanotubes, vapor grown carbon fi bers, and amorphous carbon have been developed for multifunctional applications, based on their enhanced heat transfer and lubricity properties.