The enhancement of the thermal conductivity of dielectric oils has a positive effect on the performance of electrical equipment that uses these oils as a cooling medium. Nanofluids (NFs) have inspired high-voltage engineers to use them as alternative fluids in power transformers due to their impressive heat transfer and insulation compared to traditional dielectric oils. The present study is a numerical simulation by COMSOL Multiphysics of the thermal conductivity of NFs based on dielectric oils used in power transformers, to identify the effect of temperature, the concentration of nanoparticles (NPs), type of insulating fluid and NPs on thermal conductivity. The NFs were modeled inside a cube using the finite element method (FEM) by applying a temperature gradient. Several types of NPs were used (SiC, ZnO, TiO2, and Al2O3) in addition to several volume concentrations (0%, 0.001%, 0.002%, 0.01%, and 0.02%). The results showed a significant improvement in the thermal conductivity of the NFs with increasing concentration since the best results were recorded at an estimated volume concentration of 0.02%, while the lowest results were obtained for samples using a volume concentration estimated at 0.001%. The base fluid (BF) type and NPs play a dominant role in the thermal performance of the NFs, as the vegetable oil-based nanofluid provided the highest thermal conductivity values and silicon carbides (SiC) was the best NPs used in this study. However, a decrease in thermal transfer capacities was observed for all samples with increasing temperature.