Thermal oils due to their high ability in cooling and lubricating have many applications in high-tech industries such as automotive industry. Dispersing nanoparticles in a thermal oil (which the resulted new liquid is called nanofluid) can modify further the cooling and lubrication efficiencies. This review paper aims to present the recent advances in the preparation methods and thermophysical properties measurements of oil-based nanofluids. Effects of various parameters such as nanoparticle concentration, size, and temperature on the values of properties including thermal conductivity, viscosity, density, and specific heat are reviewed. The correlations available for the properties of oil-based nanofluids are gathered from the literature that could be a worthy source for those who aim to work on oil-based nanofluids. (C) 2019 Elsevier B.V. All rights reserved.