Chemically reduced silver decorated graphene oxide nanocomposites was prepared and well dispersed in two different ratios of DI water and Ethylene glycol base fluids without any dispersants. As prepared Go/Ag nanocomposites was characterized by XRD, FTIR Spectroscopy, FE-SEM, AFM. The results showed high crystalline nature of Ag nanoparticles in Graphene oxide and the thickness of the Graphene oxide flakes were measured to be ∼194 nm. Thermal conductivity measurement results showed the improvement of thermal conductivity after addition of GO/Ag nanocomposites in base fluids. Maximum enhancement of 28.1% in the thermal conductivity have been observed for 0.3 vol% of GO/Ag nanocomposites in 1:1 ratio of water and Ethylene glycol base fluids. © 2016 American Scientific Publishers. All rights reserved.