This paper utilizes the experimental and numerical results obtained during quenching of stainless steel (SS) probes in carbon nanotube (CNT) nanofluids to arrive at an optimum CNT concentration and bath temperature for maximum quenching heat transfer rate. The individual effect of CNT concentration and bath temperature on the quenching heat transfer rate has recently been published by the authors. The objective of this work is to study the combined effect of CNT concentration and bath temperature on the heat transfer rate during quenching. For this purpose, CNT nanofluids were prepared by suspending chemically treated CNTs in de-ionized (DI) water without any surfactant at 0.50 and 0.75 wt. % of CNTs. Cylindrical quench probes made of SS 304L with a diameter of 20 mm and an aspect ratio of 2.5 were quenched in the CNT nanofluids by maintaining at 30, 40, and 50°C using an external water bath. The recorded time-temperature data during quenching were used as input and the heat flux and temperature at the quenched surface were estimated based on the inverse heat conduction (IHC) method. The computed boiling curves during quenching were used in conjunction with the boiling curves published in literature to arrive at an optimum CNT concentration and bath temperature for maximum heat transfer rates. The computational results showed that the peak heat flux during quenching of SS probes in CNT nanofluids increased when the CNT nanofluid was maintained at 40 than at 30°C and it started decreasing with further increase in the bath temperature irrespective of the CNT concentration. The enhanced heat transfer performance of CNT nanofluid at a slightly higher temperature during quenching is attributed to the enhanced Brownian motion of CNTs in nanofluid.