The purpose of this paper is to study the thermal instability analysis of an elastico-viscous nanofluid layer heated from below. The Rivlin-Ericksen type fluid model is used to describe the rheological behavior of an elastico-viscous nanofluid. The linear stability criterion for the onset of both stationary and oscillatory convection is derived by applying the normal model analysis method. The presence of nanoparticles enhances the thermal conductivity of the fluid, and the model used for the nanofluid incorporates the effects of Brownian motion and thermophoresis. The effect of the physical parameters of the system, namely the concentration Rayleigh number, Prandtl number, capacity ratio, Lewis number, and kinematic visco-elasticity coefficient, on the stability of the system is numerically investigated. In addition, sufficient conditions for the non-existence of oscillatory convection are reported.