Graphene based nano-suspensions called Nanofluids have shown great potential to be the next generation of smart fluids. These nanofluids are prepared by dispersing properly functionalized Graphene in fluids such as water, ethylene glycol, oils etc. The suspensions show excellent thermal transport properties with ~10-100% increase in the thermal conductivity of the fluid and similar augmentation in forced convective heat transfer coefficients. They behave as ‘smart’ fluids and conduct more heat with increasing temperature.