Solar concentrator collectors have the potential of meeting the medium- and high-temperature thermal energy demands of the world. A heat transfer fluid (HTF) is a vital component of a concentrating system to transfer and store thermal energy. This paper presents the design development of a solar paraboloidal dish concentrator (SPDC) and a study of selected HTFs using the storage receiver system of the concentrator. The locally designed SPDC (diameter 1.21 m and height 0.20 m) has features like light weight, effortless tracking, convenient transportation along with high optical and thermal performance. Three HTFs, silicone oil (SO), engine oil (EO) and ethylene glycol (EG), are selected based on their favorable properties for medium temperature (150–300 °C) applications. The characteristic parameters of HTFs, heating rate (Rh), instant thermal efficiency (ηith) and the overall heat loss coefficient (UL), are illustrated and determined experimentally. A new characteristic parameter, the normalized maximum fluid temperature (Tnf), is also introduced in the paper. In the heating test, the maximum attained temperatures by fluids, SO, EO and EG are found to be 240 °C, 180 °C and 160 °C, respectively. The thermal efficiencies of SO, EO and EG are determined to be 45, 36 and 31%, respectively. The heating rate of 6.56 °C/s is found to be the maximum for SO. Through the cooling test, the overall heat loss coefficient (UL) is computed to be 14 W/mK, which is the least among the three fluids compared. The high thermal performance, environmental safety and chemical stability of silicone oil make it suitable for use in concentrators for medium-temperature heat transfer and storage applications.