Experimental investigations have been performed to synthesize copper oxide nanoparticles by conventional chemical precipitation method and nanofluids were prepared by two-step method using CuO nanoparticles in different proportions of ethylene glycol-water mixtures (EG-water). Powder X-ray diffraction (PXRD), energy dispersive X-ray (EDX), scanning electron microscope (SEM), particle size, and zeta potential analysis have been studied to characterize both solid and fluid samples for their sizes, shapes, stability, and arrangement. Besides, acoustics and rheological properties such as ultrasonic velocity, density, and viscosity have been measured for all fluid samples at three different temperatures. Interpretations of all these parameters have been made on the basis of particle stability and dispersion capacity of nanoparticles in different proportions of base fluids. The variation of dynamic viscosity with shear rate shows the nanofluids to be behaved like non-Newtonian fluids at very less shear rate but shows Newtonian behavior as the shear rate increases.