Abstract In recent days, ester-based alternatives like natural and synthetic oils are preferred as an alternative to mineral oil by the power industry due to its higher bio-degradability, superior thermal conductivity, and fire resistance than mineral oil. In addition to this, blended oils are quite attractive because of its low dielectric loss and a low ratio of degradation. The present research deals with the experimental studies on different insulating oils like mineral oil, synthetic ester oil, coconut oil, blended oils, and nanofluids, which are developed from ZnO and TiO2 nanoparticle doped at 0.01 vol% in different insulating oils through ultrasonication process. In this experiment, the critical properties like electrical and physicochemical properties are examined according to International Electrotechnical Commission and American Society for Testing and Materials standards. Results show that ZnO and TiO2 nano-powder enhances the AC breakdown voltage (BDV), dielectric permittivity, and DC resistivity properties of different insulating oils with improved flash and fire resistance. Remarkably, it is found that mineral oil-based TiO2 nanofluid shows an enhancement of 55.8 % in AC BDV, 9.1 % in permittivity, and 15 % in flash resistance. Moreover, mineral oil based ZnO and TiO2 nanofluid results exhibit remarkable decrement in loss tangent with increased DC resistance property. Finally, it is observed that the influence of TiO2 nano-powder at 0.01 vol% remarkably enhances the electrical and physicochemical properties in different insulating oils compared to ZnO nanofluids. Hence, mineral oil and green insulating based synthetic ester oil (which is based on TiO2 nanofluids) have been considered as a potential candidate to make alternatives to traditional insulating oil for power transformer applications. The findings offer critical insights for the future of transformer insulation systems, guiding industry standards and fostering innovation in material science.