As part of an effort to evaluate water-based nanofluids for nuclear applications, preparation and characterization has been performed for nanofluids being considered for MIT’s nanofluid heat transfer experiments. Three methods of generating these nanofluids are available: creating them from chemical precipitation, purchasing the nanoparticles in powder form and mixing them with the base fluid, and direct purchase of prepared nanofluids. Characterization of nanofluids includes colloidal stability, size distribution, concentration, and elemental composition. Quality control of the nanofluids to be used for heat transfer testing is crucial; an exact knowledge of the fluid constituents is a key to uncovering mechanisms responsible for heat transport enhancement.