The roller/ball bearing plays a crucial role in the power transmission of high-speed machines used in industrial applications. The inadequate lubricant at the contacting surfaces may cause bearing failure and lead to financial misfortune. Effective lubrication at the contacting surface is the only criteria to obtain significant bearing performance and enhance the life of the bearing. Therefore, in this paper, efforts have been carried out to enhance the tribological and thermo-physical properties of lithium by adding nanomaterials. Multi-walled carbon nanotubes (MWCNTs), zinc oxide (ZnO), and nanoboric acid (nBA) nanomaterials were used as an additive. The 52100 steel ball specimens were considered in the four-ball tribometer to analyze the friction coefficient, lubricant film strength, wear scar diameter (WSD), wear volume, and frictional power loss parameters. In addition, the thermal conductivity of base grease and nanoparticles added grease was assessed using a KD2 Pro thermal analyzer. The findings of the experimental investigations demonstrated that the enhanced thermo-physical characteristics of lithium grease-containing nanomaterials led to a significant decrease in wear and friction at the contact surfaces of the steel ball specimen. An optimum concentration of 0.75% MWCNTs was observed which resulted in 22.75% and 37.5% reduction in friction coefficient and WSD. Also, the surface roughness and wear volume were reduced 59% and 84.7% with MWCNTs blended grease in comparison with base grease.