The paper investigates the exceptional antiwear and extreme pressure properties of multiwalled carbon nanotube based mineral oil. Different samples of oil containing varying proportions of MWNT (MWNT) and graphite were prepared. The samples were tested for their antiwear and load bearing capacity according to ASTM G99 and ASTM D-2783 standards. After pass load test in four ball tester the rubbed surfaces were investigated with Scanning Electron Microscope (SEM) images. The wear test results show a decrease wear by 70–75% in case of multiwalled nanotube based mineral oil as compared with pure mineral oil. Furthermore, it has been observed that the load bearing capacity in case of multiwalled carbon nanotube based mineral oil increases by 20% as compared to pure mineral oil. A comparison in the antiwear and load bearing capacity properties of graphite and nanotube based mineral oil was studied which showed the inefficiency of graphite based lubricant over MWNT based oil. Thus, the finding would be helpful in developing new nanoparticle based lubricants.