Oil-based nanofluids were prepared by dispersing Ag, graphite and carbon black nanoparticles in lubricating oil. Agglomerated nanoparticles were dispersed evenly with a high-speed bead mill and/or ultrasonic homogenizer, and the surfaces of the nanoparticles were modified simultaneously with several dispersants. Their tribological behaviors were evaluated with a pin-on-disk, disk-on-disk and four-ball EP and wear tester. It is obvious that the optimal combination of nanoparticles, surfactants and surface modification process is very important for the dispersity of nanofluids, and it eventually affects the tribological properties as a controlling factor. Results indicate that a relatively larger size and higher concentration of nanoparticles lead to better load-carrying capacity. In contrast, the use of a smaller size and lower concentration of particles is recommended for reducing the friction coefficient of lubricating oil. Moreover, nanofluids with mixed nanoparticles of Ag and graphite are more suitable for the improvement of load-carrying capacity and antiwear properties.