This paper presents a comprehensive study of two alkylammonium nitrate ionic liquids. As part of this family of materials, mainly ethylammonium nitrate (EAN) and also propylammonium nitrate (PAN) have attracted a great deal of attention during the last decades due to their potential applications in many fields. Although there have been numerous publications focused on the measurement of their physical properties, a great dispersion can be observed in the results obtained for the same magnitude. One of the critical points to be taken into account in their physical characterization is their water content. Thus, the main objective of this work was to determine the degree of influence of the presence of small quantities of water in EAN and PAN on the measurement of density, viscosity, electrical conductivity, refractive index and surface tension. For this purpose, the first three properties were determined in samples of EAN and PAN with water contents below 30,000 ppm in a wide range of temperatures, between 5 and 95 °C, while the last two were obtained at 25 °C. As a result of this study, it has been concluded that the presence of water is critical in those physical properties that involve mass or charge transport processes, resulting in the finding that the absolute value of the average percentage change in both viscosity and electrical conductivity is above 40%. Meanwhile, refractive index (≤0.3%), density (≤0.5%) and surface tension (≤2%) present much less significant changes.