One of the ways to increase processing productivity and ensure high quality of the treated surface is the correct choice and use of lubricants and coolants. The solution to the problems of increasing efficiency was implemented by choosing the compositions of lubricants and coolants, which were prepared based on fat-and-oil waste products. This will ensure a reduction in the environmental burden on the environmental system. Also, the greatest attention has recently been paid to evaluating the effect of lubricants modified with carbon materials, in particular, carbon nanotubes and graphite. Due to the particular features of their physical and mechanical properties, carbon modifiers have an impact on cutting processes and rules of the impact have not been sufficiently studied so far. This article continues the study of changes in the viscosity of a water-oil emulsion coolant from varying the oil droplets size, the dispersed phase concentration and the introduction of solid-phase highly dispersed modifiers. It was found that reducing the size of oil droplets, increasing the concentration of the dispersed phase and modifying the water-oil emulsion coolant with highly dispersed carbon materials lead to an increase in viscosity.