Carbon nanotubes are a relatively new allotropic variety of carbon and due to a number of very favorable properties – including chemical and mechanical – are now under intensive investigation. Introduction to the main part of the article requires an overview of carbon nanotubes studies conducted by different authors, the results of which can provide important guidelines for possible use of the material in the construction of piston engines. The core of the article is the description of attempts to use carbon nanotubes made by the authors in order to improve the functional properties of various components of internal combustion engines, in particular to reduce losses caused by friction. Therefore, the results from the original study have been presented which indicate that the use of carbon nanotubes as an additive for engine lubricant can contribute to a significant reduction in friction losses. Article concludes with a discussion of the tasks that need to be completed in order to allow for an industrial application of carbon nanotubes.