Inorganic fullerene-like molybdenum disulfide (IF-MoS2) nanoparticles are known to exhibit great friction and wear-reducing abilities in severe boundary lubrication regimes, when added to a base oil alone. Their use in fully formulated lubricants was investigated in this study, and the tribological benefits attributed to the IF-MoS2 nanoparticles were found to be lost in the presence of dispersants. Various experimental techniques were used on three reference oils (base oil containing only IF-MoS2, only dispersants and both IF-MoS2 and dispersants) in order to understand the effect of succinimide-based dispersants on the three phases needed for effective nanoparticle-based lubrication, namely (1) the passing of the nanoparticles through the contact (2) the exfoliation of the IF-MoS2 inside the contact and (3) the adhesion of the released MoS2 platelets on the friction surfaces. The dispersants were shown to improve the dispersion of the nanoparticles in the oil by reducing their agglomeration, but prevented the adhesion of a low-friction MoS2 tribofilm on the steel surfaces. In-situ contact visualization revealed that the well-dispersed nanoparticles passed through the contact and exfoliated nanoparticles were observed after tribological testing. These results imply that nanoparticle dispersion itself does not seem to be an issue concerning nanoparticle effectiveness, even though the reduced agglomerate size and inertia may have affected nanoparticle flow near the contact, as well as entrapment and exfoliation conditions inside the contact. The use of succinimide-based dispersants may, however, have affected the tribochemistry of the contact, by an excessive adsorption on the steel surfaces and/or by encapsulating the released MoS2 platelets, preventing tribofilm adhesion. A balance was finally found between nanoparticle dispersion and friction reduction, but for very low dispersant concentrations and after a running-in period. The role of succinimide-based dispersants and their effect on nanoparticle lubrication were discussed in the light of these results.