In this paper, the electrical, dielectric, Raman and small angle X-ray scattering (SAXS) structure behavior of disposed transformer oil in the presence of multi-walled carbon nanotube (MWCNT) were systematically tested to verify their versatility for preparing better alternative transformer oil in future. MWCNT nanofluids are prepared using a two-step method with concentrations ranging from 0.00 to 0.02 g/L. The test results reveal that 0.005 g/L concentration possesses the most optimum performance based on the electrical (AC breakdown and lightning impulse) and dielectric (permittivity, dissipation factor and resistivity) behavior. According to the trend of AC breakdown strength and lightning impulse pattern, there were 212.58% and 40.01% enhancement indicated for 0.005 g/L concentration compared to the disposed transformer oil. The presence of MWCNT also yielding to the decrement of dissipation factor, increased on permittivity and resistivity behavior of disposed transformer oil which reflected to the performance of electrical properties. Furthermore, it is found that these features correlated to the structural properties as systematically verify by Raman and SAXS analysis study.