In this presentation the experimental data gathered from the state of art mainly on cooling and lubrication performance of nanofluids, NFs are referred. The simplest idea is such that thermophysical nature of NFs has reflections on the performance of the particular process serving the utility limits. In this respect the influence of both preparation methodologies in turn with stability- life time of NFs and process operational restrictions should be consulted. In spite of the enormous amount of research on the manner still we do not have a consensus on the generalized functional relationships offering a link between thermophysical nature and process nature in terms of well-known non-dimensional parameters. The discussion has a starting step with the interrelated properties of absolute viscosity, μ and thermal conductivity, k of NFs which are not only representative of thermophysical nature but also under the severe influence of both preparation and operational constraints. The non-dimensional relative parameters described as a ratio of those of base fluid, BF (r = NF/ BF) are referred as a function of nanoparticle, NP volume fraction, φ. The functional correlations with defined non-dimensional relative parameters of Reynolds Number Re, Prandtl Number, Pr, Coefficient of Performance,COP and Viscosity Index, VI (Rer*Prr = f (φ), COPr = f (Rer*Prr) and VIr = f (φ)) are provided as a contribution.