To investigate the effect of nanoparticles on the evaporation evolution of nano-fuels and reveal the mechanism of heterogeneous heat and mass transfer induced by the dispersion of nanoparticles, carbon nanotubes and CeO2 nano-fuels with different mass concentrations and particle sizes were prepared based on the two-step method and inspected using a laser particle size analyzer. An evaporation visualization apparatus for a single suspended droplet and an image processing technology were utilized to study the evaporation of diesel and nano-fuels at 400 and 700 °C. At 400 °C, the evaporation of diesel and nano-fuel droplets accorded with the D2-law and can be categorized as constant-volume and quasi-steady evaporation stages. The addition of nanoparticles suppressed the evaporation of fuel droplet and increasing the mass concentration or particle size can intensify the extent of suppression. At 700 °C, however, the micro-explosion of droplets occurred, and the variation in the droplet diameter did not conform with the D2-law. Evaporation can be categorized into the constant-volume and fluctuating evaporation stages. Nanoparticles, as heterogeneous nucleation sites, enhanced the expansion and micro-explosion intensities, thereby promoting the fuel droplet evaporation. An increase in the mass concentration or a decrease in the particle size can promote evaporation significantly.