In the current work, the main objective is to investigate the dynamic viscosity, thermal conductivity and isobaric specific heat capacity of MgO and ZnO nanoparticles that are dispersed in water and mixtures of ethylene glycol and water (EG/W). The measurements were carried out with various volumetric fractions (0.25 to 1%) and temperatures varied from 40 to 120 °C. According to the experimental results, the viscosity and thermal conductivity of the investigated nanofluids rise uniformly with increasing the nanoparticle concentration. The maximum viscosity augmentation for 1% MgO-(50:50)EG/W nanofluid is 34.5%, while the maximum augmentation for 1% ZnO-(50:50)EG/W nanofluid is 45.1%. For MgO-EG/W nanofluids, the maximum percentage of thermal conductivity enhancement occurs at 1% nanoparticles fraction and is 33.1%; for 1% ZnO-EG/W, the maximum enhancement is 23%. Measurements revealed that the nanofluids’ isobaric specific heat decreases as the nanoparticles fraction and EG concentration ratio in the base fluid increase but augments as the temperature increases. New correlations for predicting nanofluids’ thermophysical characteristics were suggested depending on the current experimental results. A theoretical evaluation of heat transfer performance was carried out, and it was demonstrated that MgO and ZnO nanofluids have the potential to be used in heat transfer applications with laminar flow regimes. For the turbulent regime, it is preferable to utilize nanoparticles concentrations of <0.5% for ZnO nanofluids and ≤1% MgO nanofluids, respectively.