In recent years, the demand for more efficient cooling circuits has resulted in active studies of nanofluids, two-component liquids consisting of a base fluid, and dispersed nanoparticles with high thermal conductivity. From the viewpoint of both physics and chemistry, nanofluids are systems that require the characterization of many interconnected thermal and chemical properties. This perspective article sums up the state of the art and recent trends in the development and applications of nanofluids and especially carbon nanofluids. A focus of the paper is the possibilities of photothermal and photoacoustic methods—as techniques combining molecular spectroscopy and thermal characterization—for the assessment of thermal conductivity and thermal diffusivity of nanofluids. The possibilities of photothermal spectroscopy for wider characterization of nanofluids and related materials are discussed and compared with other techniques. As nanofluids are one of the examples of complex objects dedicated to photothermal spectroscopy, more general outlooks of phototermics are also discussed.