In this paper, the fabrication and thermal conductivity (TC) of water-based nanofluids using boron (B)-doped SiC as dispersions are reported. Doping B into the β-SiC phase leads to the shrinkage of the SiC lattice due to the substitution of Si atoms (0.134 nm radius) by smaller B atoms (0.095 nm radius). The presence of B in the SiC phase also promotes crystallization and grain growth of obtained particles. The tailored crystal structure and morphology of B-doped SiC nanoparticles are beneficial for the TC improvement of the nanofluids by using them as dispersions. Using B-doped SiC nanoparticles as dispersions for nanofluids, a remarkable improvement in stability was achieved in SiC-B6 nanofluid at pH 11 by means of the Zeta potential measurement. By dispersing B-doped SiC nanoparticles in water-based fluids, the TC of the as-prepared nanofluids containing only 0.3 vol.% SiC-B6 nanoparticles is remarkably raised to 39.3% at 30 °C compared to the base fluids, and is further enhanced with the increased temperature. The main reasons for the improvement in TC of SiC-B6 nanofluids are more stable dispersion and intensive charge ions vibration around the surface of nanoparticles as well as the enhanced TC of the SiC-B dispersions.