The influences of dry grinding (DG), wet grinding (WG) and carbon nanofluid minimum quantity lubrication (CN-MQL) on the grinding performances of ceramic matrix composites are investigated in this paper. Thermal imager and thermocouple results show that the cooling effect of CN-MQL with a carbon concentration (C) of 5 g/L is not weaker than that of WG. The maximum temperature of 5 g/L CN-MQL is 250.41 °C, compared to 336.98 °C for DG. This configuration also results in the minimum surface roughness and grinding force. Normal grinding force Fn and surface maximum height difference Sz decrease from 44.9 N to 8.44 μm for DG to 20.3 N and 4.13 μm, respectively. The corresponding grinding performance is also substantially better than that of WG. The grinding surface morphology shows that CN-MQL is conducive to obtaining surface morphology with few surface defects. The specific grinding energy results show that the energy consumed by CN-MQL is significantly reduced when removing the same volume of material. Based on a comprehensive analysis of the grinding performance parameters, there is an optimal value of C. At lower values, a uniform and dense film cannot be formed between the abrasive tool and the workpiece. At higher values, the particles agglomerate, and the performance is reduced. The experimental results show that the optimal C is 5 g/L. Considering the high pollution and high cost of grinding fluids, CN-MQL technology has the advantages of a simple preparation process, green and pollution-free properties, and no professional disposal requirements. CN-MQL is also conducive to reducing energy consumption in the processing approach. This research shows that CN-MQL has good application prospects for grinding processes.