In this paper, a numerical study is performed to investigate the effect of Reynolds number and nanoparticle concentration on the thermal performance of single‐walled carbon nanotubes (SWCNTs) nanofluids flowing through a straight pipe with constant heat flux in a turbulent flow regime. The governing equations (continuity, momentum, energy, rate of turbulent production, and rate of turbulent dissipation) are solved using a computational fluid dynamic approach (ie, finite volume method). In the sensitivity analysis, the Reynolds number is varied between (10 000‐200 000) and nanoparticle concentration between (0%‐0.25%). The simulation results show that convective heat transfer (average Nusselt number) increases by 7.48% while the pressure drop and pumping power increase by 119% and 199%, respectively. In addition, at low Reynolds number (104), increase in nanoparticle concentration (0%‐0.25%) decreases entropy production rate by 16.95%. However, at higher Reynolds number (2*105), the entropy production rate increases by 149.77%. Furthermore, other results such as entropy generation number, Bejan number, second thermodynamic law efficiency, and thermal performance factor, which combine the first and second law of thermodynamics, are presented as functions of Reynolds number and nanoparticle's concentration. The overall result shows that SWCNT nanofluid will only be beneficial at low Reynolds number of (10 000‐50 000).