Thermal conductivity and viscosity are important properties for nanofluids as they significantly affect the flow and heat transfer process. To date, the rheological properties of water-based nanofluids have been well studied, while the results are scarce for non-aqueous nanofluids. In this study, the thermal conductivity and rheological properties of two different kinds of oxide nanofluids (CuO and Al2O3) in a typical commercial data center focusing on liquid coolants were systematically investigated at different mass fractions and temperatures. The results showed that the addition of nanoparticles can significantly improve the heat conduction capacity of mineral oil coolants. There is an average increase in thermal conductivity of up to 20–25%. The shear rate–shear stress and shear rate–viscosity curves all showed that mineral oil coolant-based oxide nanofluids behaved as Newtonian fluids and that nanoparticles did not cause the increment in viscosity. The effect of temperature on rheological properties was also studied, and the result showed that high temperatures resulted in low viscosity and shear stress. Finally, the effect of particle type was investigated, and it was found that no matter what kind of nanoparticles were added, their effects on the rheological behaviors were the same.