This study produced nanofluids via a two-step method by dispersing copper–nickel–zinc (CuNiZnFe2O4) ferrite nanocomposites in transformer and kerosene oils. A sol–gel auto-combustion approach was adopted to synthesize ferrite nanoparticles. The prepared nanoparticles were analyzed through scanning electron microscopy, photoluminescence spectroscopy, and x-ray diffraction. The measured crystallite size varied between 11 and 13 nm. The SEM images show that the structures of the developed CuNiZn nanoparticles are irregular. The photoluminescence results give a bandgap of 1.91 eV and the emission lines of the nanoparticles. Transient hot wire analysis was performed to determine the thermal conductivity of the base fluid and the prepared nanofluids. It is observed that nanoparticles in the nanofluid enhance the heat transfer rate. It has been proven that CuNiZn/kerosene-based nanofluids have greater thermal conductivity than CuNiZn/transformer oil-based nanofluids. The viscosity of transformer oil-based nanofluids at room temperature is 12.53 mm2 s−1, which decreases to 12.49 mm2 s−1 at 40 °C. Similarly, the viscosity of kerosene-based nanofluids is 1.49 mm2 s−1 at room temperature and 1.16 mm2 s−1 at 40 °C. The sedimentation method revealed that CuNiZn/transformer oil-based nanofluids have greater stability than CuNiZn/kerosene-based nanofluids.