In various mechanical systems, lubricants are generally used to reduce friction and wear; thus, the total energy loss in the mechanical systems can be minimized by the proper enhancement of lubrication properties. In general, friction modifiers and antiwear additives are used to improve the tribological properties of the lubricant. However, the use of these additives has to be phased out due to their fast chemical degradation in their applications and other environmental issues. In recent years, the use of nanoparticles as a potential lubricant additive has received considerable attention because of its excellent mechanical and tribological characteristics. The present work describes the tribological behavior of nano-boric acid, multiwalled carbon nanotubes (MWCNTs), and functionalized multiwalled carbon nanotubes (FMWCNTs) modified with carboxylic acid. These nanoparticles were used to enhance the tribological properties of engine oil (SAE20W40) used to lubricate bronze alloy samples. The performance of these nano-coolants was assessed on a linear reciprocating ball-on-flat tribometer. Results highlight the friction and wear behavior of the nano-boric acid, MWCNTs, and FMWCNTs under three varying parameters such as the effect of nanoparticles concentration, load-carrying capacity, and sliding speed. The addition of nano-boric acid, MWCNTs, and FMWCNTs has significantly improved the tribological properties of the base lubricant. The addition of 0.5 wt.% of nano-boric acid, MWCNTs, and FMWCNTs to the base lubricant has decreased the coefficient of friction by 19.76, 30.55, and 35.65%, respectively, and a significant reduction in wear volume by 55.17, 71.42, and 88.97% was obtained in comparison with base lubricant.