Utilizing nanorefrigerants as working fluids can significantly enhance the energy efficiency of low‐temperature waste heat recovery systems (≤ 50°C). Refrigerants with low viscosity and density require a substantial amount of surfactant to maintain a stable suspension of nanoparticles. However, the excessive use of surfactants, which have a notably low thermal conductivity, could lead to foam generation and reduce heat transfer coefficient. High viscosity lubricating oils with small amount of surfactant can prolong the stable suspension time and produce repulsive force. Therefore, a new combination of them improves the stability of TiO2/R141b nanorefrigerants. Additionally, viscosity and thermal conductivity of the nanorefrigerants were optimized using an implementation of a modified non‐dominated sorting genetic algorithm (NSGA‐II). The results show that adding lubricating oil inhibits aggregation of the nanoparticles leading to a stable suspension for more than 6 h at volumetric mixing ratios (lubricating oil: refrigerant) greater than 1:30. The best dispersion stability was achieved at surfactant polyvinyl pyrrolidone (PVP) mass ratio of 0.5, and the average absorbance value was increased by 65.45%. Compared with pure refrigerants, the thermal conductivity of TiO2/R141b (0.15 vol.%) nanorefrigerant was enhanced by up to 12.59% under the optimum mixing ratio. Moreover, the studied nanorefrigerants exhibited shear thickening behavior throughout the studied shear rate range, with increased non‐Newtonianization with decreasing temperature. Finally, the Pareto points were divided into three representative groups based on thermal conductivity and viscosity. These findings suggest enhanced high heat transfer efficiency with pumping power of nanorefrigerant in the waste heat recovery systems.