Quenching is one of the most basic and widely used heat treatment processes. Mineral Oil or petroleum oil base stocks are the conventional quench media used for quench hardening heat treatment since the 19th century. However, mineral oils are not environment friendly as they are toxic, nonbiodegradable, and non-renewable. Many alternative ecofriendly quenchants have been developed to replace mineral oil such as vegetable oils, polymer quenchants, and nanofluids. Although most of the vegetable oils show superior cooling performance to mineral oil, their practical application is limited owing to their high cost of production and low thermal stability. In this study, the kitchen coconut oil was chemically treated and its cooling performance and heat transfer characteristics were assessed and compared with that of refined coconut oil and mineral oil. The thermophysical properties of chemically treated waste cooking oil were found to be higher than refined and mineral oils. Chemically treated oil showed better wettability. The quenching experiments were conducted using an Inconel 600 standard probe according to ISO 9950 and ASTM D 6200 standards. The vapor blanket stage was shorter for the chemically treated oil as compared with refined and mineral oils. Inverse heat conduction problem (IHCP) was solved for estimating heat flux transients from the temperature data and thermo-physical properties of the Inconel probe. The average peak heat flux was highest for chemically treated oil compared to both refined coconut oil and mineral oil.