Due to the significance and unique properties of Multi-Wall Carbon Nanotubes (MWCNT), in the present investigation, the viability of these materials in the Water-Based Mud (WBM) is assessed. The impacts of various kinds of MWCNT, mud additives and surfactants on the rheological properties, water loss and drilling fluid stability of the WBM are experimentally investigated. The results have demonstrated various kinds of MWCNT, additives, and surfactants have affected the rheological properties of the WBM. Adding MWCNT and Polyethylene Glycol (PEG) alone or together decrease the terms of rheological properties performance as subsequent order CNT; CNT + PEG; PEG. Surface modified carbon nanotube (Functionalize Carbon Nano Tube [FCNT]) improves rheological properties of the WBM and increases the shale recovery. All in all, the presence of Multi-Wall Carbon Nanotubes increases the efficiency of polymers and improves the rheological properties and performance of the water base mud.