Carbon-nanotube-based liquids-a new class of nanomaterials-have shown many interesting properties and distinctive features offering unprecedented potential for many applications. This paper summarizes the recent progress on the study of the preparation, characterization and properties of carbon-nanotube-based liquids including so-called nanofluids, nanolubricants and different kinds of nanosolutions containing multi-walled carbon nanotubes/single-walled carbon nanotubes/graphene. A broad range of current and future applications of these nanomaterials in the fields of energy saving, power electronic and optoelectronic devices, biotechnology and agriculture are presented. The paper also identifies challenges and opportunities for future research.