The study presents an innovative approach utilizing machine learning (ML) techniques to forecast essential characteristics of black oil reservoirs, namely the oil formation volume factor (Bo) and the solution gas-oil ratio (Rs). A suite of four established ML algorithms-Random Forest, Linear Regression, Ada Boost, and Gradient Boost were extensively conditioned using a dataset that includes 297 individual data points and evaluation is done using test data and a blind test of models. The study showcases the practical efficacy of ML in accurately predicting Bo and Rs, even with a relatively modest dataset. The potential of ML models to save time and costs by reducing the dependence on laborious laboratory measurements is underscored, presenting a transformative shift in reservoir engineering practices. Furthermore, the current research extends its impact by comparing ML predictions with various empirical correlations and actual values, demonstrating that ML models, particularly Gradient Boost, consistently outperform traditional correlations and it can be used to predict values in the undersaturated region too. It is observed from the blind test results that for the prediction of Bo Gradient boost and random forest models (R2 0.97, RMSE 0.01) is a preferable choice and for the prediction of Rs the Gradient boost model (R2 0.97, RMSE 22) can be preferred. The adaptability of ML models to integrate new data over time is a significant feature, ensuring continuous improvement in accuracy. This study adds to the expanding reservoir engineering knowledge base, highlighting the practical use of machine learning for accurately predicting crucial reservoir properties. Its significance goes beyond theoretical progress, providing tangible tools for reservoir engineers and geologists to improve decision-making in the management of oil and gas reservoirs.