Active thermal management is essential for the operation of modern technologies like electronic circuits and spacecraft systems to deal with the complex control and conversion of thermal energy. One basic requirement for the materials is its tunable and reversible thermal properties. Here, we try to provide a systematic investigation of the thermal smart materials composed of low-dimensional solid particles suspended in liquid media, whose structures and properties can be tuned by external field. A two-step theoretical model, which takes into account the effects from particle aggregation and orientational variation, was proposed and obtained reasonable agreement with both literature and our own experimental results. Graphene nanosheets/Mg-Al layered double hydroxides (GNS/LDH) were fabricated and their silicone oil suspension shows reversible thermal conductivity switching under DC electric field due to the formation/break-up of chain-like structures with a maximum switching ratio around 1.35×. This study reveals the underlying mechanism of thermal conductivity enhancement in nanoparticle suspensions, and provides a preliminary example to design and fabricate responsive thermal materials for the next generation technologies.