This research paper addresses the optimization of various control parameters by using the Taguchi method to assess the tribological properties of PAOs based nanolubricants. The concentration of COOH-functionalized multiwalled carbon nanotubes (MWCNTs), applied load, sliding velocity and kinematic viscosity of polyalphaolefins (PAOs) were selected as process parameters or control factor. The MWCNTs at a varying concentration (0.025-0.15 wt.%) were blended separately in PAOs to formulate the nanolubricants. The tribological experimentations were performed by Taguchi’ L18 mixed orthogonal array using “ball on disc” type tribometer. The analysis of variance (ANOVA) was adopted to estimate the most prominent factors influencing the tribological performance of nanolubricants. The statistical results showed that the applied load, followed by a concentration of MWCNTs conferred the most significant impact on the frictional characteristic. In contrast, the kinematic viscosity of PAOs, followed by concentration of MWCNTs has been observed the most significant influencing factors on the antiwear properties of nanolubricants. The probabilistic rationale for the advancement in friction and wear properties were assessed through various analytical tools.