Aqueous polymer solutions are known to have small pressure reduction. Paraffin slurries are known to have high thermal capacity. Paraffin particles are mixed into an aqueous polymer solution to make a new heat transfer fluid having high thermal capacity but low pressure reduction. The heat transfer characteristics of the new slurry was tested in a circular tube having a constant heat transfer boundary condition. The new slurry was found to have high Nusselt numbers as well as high thermal capacity and low pressure reduction in the laminar flow. The trends of the Nusselt numbers along the heating test section were studied for various heating conditions.