Long-term sustainability and decreasing amount of fossil oil reserves require a partial or complete transformation of traditional lubricating oils. The use of silica nanoparticles as a lubricant additive has a huge tribological potential, which has already been discussed in numerous articles. Nanosized silica shows excellent results in reducing friction and preventing wear, but they quickly aggregate and settle after homogenization in oils. For long-term stable dispersion of lubricating oils containing nanoceramics, the surface of the particles was modified with ethyl oleate. The surface modification, the ethyl oleate applied to the surface of the nanosilica, was confirmed by Fourier-transform infrared spectroscopy. Group III based lubricating oil was prepared using the surface-modified nanosilica. The particle size of the nanoparticles in the lubricating oil dispersion was examined by dynamic light scattering. Oscillating tribometer measurements were performed with different concentrations (0.1; 0.2; 0.3 wt%) of nanolubricants. Based on the tribological results, the friction coefficient of the surface-modified nanosilica is more stable, its wear is 15% lower compared to the reference. There is no significant change in the magnitude of the friction coefficient. It can be concluded that the ethyl oleate surface modification method may be suitable for tribological investigations of the acting mechanisms of nanoparticles.