CaCO3 aqueous nanofluids were prepared by dispensing aqueous CaCO3 paste into distilled water under ultrasonic vibration. The actual microstructures of the CaCO3 nanofluids with different particle volume fractions were characterized by freeze etching replication transmission electron microscopy (FERTEM). Thermal conductivity and rheological behavior of the nanofluids were measured by standard analyzers. The results show that CaCO3 paste as raw material for nanofluids is advantageous to reducing aggregation of primary nanoparticles. The effective viscosities and effective thermal conductivities of the CaCO3 nanofluids are related to the aggregates of nanoparticles and can be well predicted by the modified Krieger & Dougherty formula and the modified Hamilton & Crosser model, respectively. CaCO3 aqueous nanofluids were prepared by dispensing aqueous CaCO3 paste into distilled water under ultrasonic vibration. The actual microstructures of the CaCO3 nanofluids with different particle volume fractions were characterized by freeze etching replication transmission electron microscopy (FERTEM). Thermal conductivity and rheological behavior of the nanofluids were measured by standard analyzers. The results show that CaCO3 paste as raw material for nanofluids is advantageous to reducing aggregation of primary nanoparticles. The effective viscosities and effective thermal conductivities of the CaCO3 nanofluids are related to the aggregates of nanoparticles and can be well predicted by the modified Krieger & Dougherty formula and the modified Hamilton & Crosser model, respectively.