This study was conducted to characterize carbon nanotube (CNT)/water nanofluids (CNWNFs) and to apply the nanofluids in a heat-dissipation system of dual green energy sources. CNTs were mixed with water in weight fractions of 0.125%, 0.25%, and 0.5% to produce nanofluids. The thermal conductivity, density, viscosity, and specific heat of the nanofluids were measured. An experimental platform consisting of a simulated dual energy source and a microchip controller was established to evaluate the heat-dissipation performance. Two indices, the heat dissipation enhancement ratio and specific heat dissipation enhancement ratio (SHDER), were defined and calculated. The CNWNFs with a CNT concentration of 0.125 wt.% were used because they exhibited the highest SHDER. The steady-state performance was evaluated at 2 flow rates, 11 hybrid flow ratios, and 3 heating ratios for a total power of 1000 W. The transient behavior of the energy sources at preset optimal temperatures was examined, and the CNWNFs exhibited average increases in stability and heat dissipation efficiency of 36.2% and 5%, respectively, compared with water. This nanofluid heat-dissipation system is expected to be integrated with real dual energy sources in the near future.