Highlights•50–100 nm-sized carbon soot particles with sphere-like morphology are prepared from wasted rubber.•Heliocentric graphitic layers constituted the soot particles.•The carbon soot particles had a mixture of crystalline and amorphous characteristics.•The carbon soot particles are dispersed in an additive-free Group-2 dewaxed lubricating oil.•Carbon soot particles are an excellent additive in lubricating oil for considerable friction and wear reduction.Spheroidal carbon particles are touted as excellent additives in lubricants for reduction in friction and wear. Herein 50–100 nm-sized spheroidal carbon soot particles with heliocentric graphitic layers are prepared by controlled decomposition of wasted rubber and subsequent heat-treatment of wasted rubber derived soot. Thermogravimetric analysis showed that the on-set degradation temperature of the soot particles was representative of a material constituted by amorphous and crystalline phases complementing well with x-ray diffraction studies. The soot particles are dispersed in an additive-free base oil (BO), and the soot particles added oil was used as a lubricant. At room temperature, a reduction in coefficient of friction (CoF) and wear scar diameter (WSD) of ~9% and 16.55% were recorded. At a higher temperature of 70 °C, a reduction in CoF and WSD of as high as 48.93% and 28.12% were recorded. Based on the observations, it is theorized that the soot particles acted like nano-bearings between the contacting surfaces producing a rolling effect that efficiently reduced friction and wear concerning the contacting surfaces. Also, the dispersion of soot particles improved the viscosity retention of BO at higher temperatures indicating its multifunctional ability.