Carbon nanoparticles (CNPs) are synthesized from candle soot and subjected to fractional isolation and characterization. Highly thermally stable (onset of degradation 697 degrees C) and crystalline CNPs (size 20-25nm) of superior purity were isolated by multistage separation and isolation process. In isolation process, various other fractions with sizes less and more than the size 20-25nm were isolated and characterized. Nanolubricating fluid was prepared with purest fraction isolated and SAE 30 engine oil and its wear preventive property was evaluated. About 29% reduction in wear scar diameter with smoother wear scar morphology was observed, which exhibits good wear preventive property of nanolubricating fluid.