This paper reports an experimental study of thermal conductivity of room temperature ionic liquids (RTILs) based magnetic nanofluids. Various magnetic nanoparticles of metal oxides with high thermal conductivity, such as CuO, Al2O3, Fe3O4 and Carbon Nano Tubes (CNTs), were used to prepare magnetic nanofluids, while RTIL, trihexyl (tetradecyl) posphonium dicyanamide was used as the base fluid. Two major parameters that affect to the thermal conductivity enhancement of fluids were investigated. The effect of particle concentration and external magnetic fields were tested. It was observed that the magnetic nanofluids thermal conductivities increase with increment of particle concentration and external magnetic field parallel to the temperature gradient. Besides, it was observed that under higher magnetic fields, thermal conductivity enhancement tends to approach a saturation state. Surfactant was used to disperse magnetic nanoparticles within the RTILs. The transient hot wire method was used for this investigation.