The study deals with experiments and predictions on turbulent flow and heat exchange in a fully developed slurry flow in a vertical upward pipe. Four slurries were considered: two with glass spheres particles with diameters of 0.125 mm and 0.240 mm, respectively, and two with sand spheres particles with diameters of 0.470 mm and 0.780 mm, respectively. The volume concentration of the particles was changed in the range of 10% to 40%. This study has indirectly demonstrated the existence of turbulence suppression to a degree dependent on the diameter of the solid particles. A mathematical model for heat transfer between slurry and pipe was developed using the two-equation turbulence model and a specially designed wall function, including particle diameter and solid concentration. The model assumed a constant wall temperature and heat flux. The study’s objective was to determine the influence of the diameter of the solid particles on the heat exchange. The Nusselt number was found to change sinusoidal, reaching a maximum for a slurry with d = 0.125 mm, and a minimum for d = 0.470 mm. The higher the solid concentration, the lower the Nusselt number. The novelty and value of this study lies in the deeper characterisation and understanding of the influence of the diameter of solid particles on heat exchange.