The chapter explores the rheological and thermophysical properties of lubricants, emphasizing their structure, classification, and performance under various conditions. Conventional lubricants are examined alongside the nanoparticle-enhanced formulations, with focus on their fabrication, lubrication mechanisms, and tribological applications. The concept of superlubricity and boundary-induced anomalies in disperse systems is highlighted as emerging phenomena in lubrication science. Experimental determination of rheological parameters is discussed through capillary and rotational rheometry, shear flow studies, and advanced techniques such as capillary breakup extensional rheology. Thermophysical properties, including viscosity, thermal conductivity, and temperature-dependent behaviors, are presented with insights from photothermal, photopyroelectric, and machine learning-based methods, particularly for hybrid ferro-lubricants. Performance evaluation techniques cover friction, wear, wettability, and tribochemical and physiochemical analyses, providing comparative perspectives with the conventional fuels. The chapter also integrates rheological modeling approaches, including lubrication theory, direct numerical simulations, and the viscoelastic Reynolds equation, to describe thin film lubrication, shear-thinning, and non-Newtonian behaviors via the Carreau–Yasuda model. Through this comprehensive overview, the chapter bridges experimental methods, theoretical modeling, and emerging nanotechnological strategies to advance the design and application of high-performance lubricants.