Simulation of the behavior of carbon nanotubes (CNTs) can become a very challenging task considering their complicated shape and large aspect ratio. This study aims to elucidate the role of CNT shape, length, and connectivity during heat transfer in CNT dispersions through a three-dimensional (3D) simulator. Three characteristic shapes for the CNTs are considered, namely, straight, moderately curved, and strongly curved. The results reveal that the commonly used assumption of viewing CNTs as straight cylinders leads to significant overestimation of the overall medium conductivity. The CNT length has an important effect on the nanofluid conductivity for all types of CNT shapes considered here. In addition, use of CNTs with higher conductivity than a certain value appears to have no further beneficial effect, thus relaxing the need for extremely pure or single-wall CNTs. On the contrary, the conductivity remains a strong function of the CNT concentration and may be even increased upon organization of CNTs into loose clusters. The overall approach and concept can be extended to CNT composites in a straightforward manner.