Regenerative cooling system is thought to be an effective and practical solution to better thermal management for high heat flux applications. In this paper, the potential of nanofluids as regenerative coolants at supercritical pressures was evaluated. Two-step method was applied to prepare Al 2 O 3-kerosene and Fe 3 O 4-kerosene nanofluids. Then experiments were carried out to study the heat transfer characteristics of nanofluids flowing in a vertical minitube at supercritical pressures. Parametric effects of mass flow rate, heat flux, pressure and particle content on the heat transfer performance are presented. Results show that increasing the flow rate or the working pressure could enhance the heat transfer performances, yet higher heat flux leads to poorer heat transfer performances. Besides, the addition of nanoparticles tend to deteriorate heat transfer at supercritical pressures because deposition of the nanoparticles smoothens the wall roughness and presents an additional thermal resistance. As the particle content increases, the heat transfer performance becomes worse.