Discrepancies in oil displacement mechanisms at equivalent interfacial tensions were principally explored in the current study, with a novel emphasis on distinguishing the contributions of surfactants and nanoparticles in interfacial activities. The hypothesis was that if both chemicals exhibit similar interfacial activities, the oil displacement outcomes at the capillary scale should be consistent. Otherwise, differences would indicate distinct interfacial behaviors. Fluid displacement experiments were conducted using a two-dimensional micromodel, where nanofluids and surfactant solutions were tested at equivalent interfacial tensions. In the high interfacial tension pair (20 mN/m), the surfactant solution displaced oil more efficiently and rapidly than nanofluids, achieving greater ultimate oil recovery. This difference was attributed to the effective reinforcement of capillary forces in the surfactant system, which drove the displacement process. In contrast, the nanofluids did not achieve the same level of performance due to their limited ability to modify interfacial forces. This finding highlighted the two chemicals’ fundamentally different interfacial activities and oil displacement mechanisms. Furthermore, in the lowest interfacial tensions pair, where the surfactant achieved 6.5 mN/m and the nanofluids 15.6 mN/m, both systems unexpectedly displayed similar oil displacement efficiencies and fingering-like behaviors. This similarity, however, arose from distinct underlying mechanisms: capillary instability drove fingering in the surfactant system, while expansive layer flow induced fingering-like in the nanofluids. These findings challenge the assumption that reducing interfacial tension with nanoparticles is the primary mechanism in enhanced oil recovery (EOR). The study highlighted the need for a more refined understanding of the action of nanoparticle interfacial activities within EOR processes. To further validate these insights, future research should scale up fluid displacement studies to Darcy’s scale using core-flooding tests, enabling a more comprehensive examination of complex two-phase flow dynamics.