Carbon-based nanofluids, mainly suspensions of carbon nanotubes or graphene sheets in water, are typically characterized by superior thermal and optical properties. However, their multiscale nature is slowing down the investigation of optimal geometrical, chemical, and physical nanoscale parameters for enhancing the thermal conductivity while limiting the viscosity increase at the same time. In this work, a bottom up approach is developed to systematically explore the thermophysical properties of carbon-based nanofluids with different characteristics. Prandtl number is suggested as the most adequate parameter for evaluating the best compromise between thermal conductivity and viscosity increases. By comparing the Prandtl number of nanofluids with different characteristics, promising overall performances (that is, nanofluid/base fluid Prandtl number ratios equal to 0.7) are observed for semidilute (volume fraction ⩽ 0.004) aqueous suspensions of carbon nanoparticles with extreme aspect ratios (larger than 100 for nanotubes, smaller than 0.01 for nanoplatelets) and limited defects concentrations (<5%). The bottom up approach discussed in this work may ease a more systematic exploration of carbon-based nanofluids for thermal applications, especially solar ones