Multiwall carbon nanotube nanofluids are regularly investigated for phase change enhancement between liquid and solid states owing to their improved heat transfer properties. The potential applications are numerous, the most notable being latent heat thermal energy storage, but the success of all nanofluid-assisted technologies hinges greatly on the ability of nanoparticles to remain stably dispersed after repeated phase change cycles. In this report, the stability of aqueous nanofluids made from oxygen-functionalized multiwall carbon nanotubes (f-MWCNTs) was profiled over the course of 20 freeze/thaw cycles. Sonication was used after each cycle to re-disperse clusters formed from the crystallization process. This study offers a quantitative evaluation of f-MWCNT-nanofluid stability as a result of phase change through optical characterization of concentration and particle size. It also provides insight into the integrity of the surface functionalities through zeta potential and XPS analyses. Concentration and particle size measurements showed moderate and consistent recoverability of f-MWCNT dispersion following ultrasonication. XPS measurements of solid-state MWCNTs exposed to freeze/thaw cycling in water, and zeta potential analyses of the nanofluids indicate that the surface oxygen content is preserved throughout phase change and over repeated cycles. These results suggest a resilience of oxygen-functionalized MWCNTs to the freezing and thawing of water, which is ideal for their utilization as phase change enhancers.