Polarization resistance and potentiodynamic scan testing were performed on 316L stainless steel (SS) at room temperature in carbon nanotube (CNT)-water nanofluid. Different CNT loadings of 0.05, 0.1, 0.3 and 0.5 wt% were suspended in deionized water using gum arabic (GA) surfactant. Corrosion potential, Tafel constants, corrosion rates and pitting potential values indicated better corrosion performance in the presence of CNTs with respect to samples tested in GA-water solutions. According to Gibbs free energy of adsorption, CNTs were physically adsorbed into the surface of the metal, and this adsorption followed Langmuir adsorption isotherm type II. Samples tested in CNT nanofluid revealed a corrosion performance comparable to that of tap water and better than that for GA-water solutions. Among all samples tested in CNT nanofluids, the lowest corrosion rate was attained with 0.1 wt% CNT nanofluid, while the highest value was obtained with 0.5 wt% CNT nanofluid. At higher CNT concentrations, accumulated CNTs might form active anodic sites and increase the corrosion rate. SEM images for samples of higher CNT loadings were observed to have higher pit densities and diameters.