Nanofluid is a novel heat transfer fluid prepared by suspending high thermal conductivity nano-sized particles in conventional fluids (water, engine oil and ethylene glycol). Thermo-physical properties (Thermal conductivity, dynamic viscosity and specific heat) and turbulent heat transfer performanceof Aviation Turbine Fuel (ATF) based Multiwall Carbon Nanotube (MWCNT) nanofluid are investigated experimentally for particle volume concentrations of 0–1% and at mean fluid temperatures of 30οC and 50οC for a potential regenerative heat transfer application in semi-cryogenic liquid propellant rocket engine. The experimental results show that the heat transfer coefficient of the nanofluid increases with particle volume concentration, with a maximum enhancement at 1% particle volume concentration of approximately 23% and 50% observed at 30οC and 50οC respectively. Two different numerical modelling approaches (a single phase fluid model with enhanced thermo-physical properties and an Eulerian-Lagrangian model called the “discrete phase model”) are employed to simulate the experimental conditions. The predictions from both numerical modelling approaches are found to compare reasonably well with the experimental data. The enhanced heat transfer performance is expressed on an equal power penalty basis to clearely show the advantage of the nanofluid.