The thermal conductivities of carbon nanotubes (CNTs) are estimated by using the double-inclusion model (Nemat-Nasser and Hori, 1999), where one inclusion (the inner void) is embedded in the other (the outer single-crystal graphite shell). The concept of homogenization is utilized and vital microstructural variables such as CNT diameter, length and aspect ratio are included in the present model. The interaction between the microstructure and the thermal conductivities of CNTs are quantitatively characterized. To check the validity of the developed analytic model, the thermal conductivity experiments are performed and benchmarked with the present model. Our results show that the thermal conductivities of CNT are 1241~1974 W/m-K. The thermal conductivity is found to be strongly dependent of the diameter of CNT with little dependence on the length of CNT. The thermal conductivities of CNTs increase with an increase in CNT aspect ratio. In addition, the experimental results obtained agree well with theoretical predictions.