The present invention relates to processes for preparing a stable suspension of carbon nanoparticles in a thermal transfer fluid to enhance thermal conductive properties, viscosity, and lubricity. One process is to disperse carbon nanoparticles directly into a thermal transfer fluid and other additives in the present of surfactants with intermittent ultrasonication. The second process is carried out in three stages. First, carbon nanoparticles are dispersed into a volatile solvent. Then, a thermal transfer fluid, surfactants, and other additives are added into this intermediate dispersion and mixed thoroughly. At last, the volatile solvent is removed to produce a uniformly dispersed nanofluid. The third process is to disperse carbon nanoparticles at an elevated temperature into a homogeneous mixture of surfactants and other additives in a thermal transfer fluid with help of a physical agitation. The present invention also relates to compositions of carbon nanoparticle nanofluids, such as nanolubricants and nanogreases. The nanofluid of the present invention is a dispersion of carbon nanoparticles, particularly carbon nanotubes, in a thermal transfer fluid in the present of surfactants. Addition of surfactants significantly increases the stability of nanoparticle dispersion. For nanogreases, carbon nanoparticles function both as a thickener to modulate viscosity and as a solid heat transfer medium to enhance thermal conductivity and high temperature resistance.