The fuel cell vehicle is one of the essential directions for developing new energy vehicles. But heat dissipation is a critical technical difficulty that needs to be solved urgently. Nano-coolant is a promising coolant that can potentially replace the existing coolant of a fuel cell. However, its thermal conductivity has a significant impact on heat dissipation performance, which is closely related to nanoparticles’ thermal conductivity, nanoparticles’ volume fraction, and the nano-coolant temperature. Many scholars have created the thermal conductivity models for nano-coolants to explore the mechanism of nano-coolants’ thermal conductivity. At present, there is no unified opinion on the mechanism of the micro thermal conductivity of the nano-coolant. Hence, this paper proposed a novel model to predict the thermal conductivity of ethylene glycol/deionized water-based nano-coolants. A corrected model was designed based on the Hamilton & Crosser model and nanolayer theory. Finally, a new theoretical model of nano-coolant thermal conductivity suitable for fuel cell vehicles was constructed based on the base fluid’s experimental data.