Nanofluid (NF) is a colloidal mixture of metallic or non-metallic particles of nanometre-size in a base fluid. In the present investigation, a hybrid nano-cutting fluid with better thermal and tribological properties has been developed by mixing alumina based nanofluid with graphene nanoplatelets (GnP) in the volumetric concentrations of 0.25, 0.75 and 1.25 vol. %. The prepared hybrid and alumina mixed nanofluids are characterized for their thermal conductivity, viscosity, specific heat and density in various nanoparticle concentrations at different temperatures. Furthermore, pin on disc testing and contact angle measurement of all nanofluid samples are performed to understand their tribological behaviour and wettability, respectively. Later the performance of the prepared cutting fluid was evaluated during turning of AISI 304 steel under minimum quantity lubrication (MQL) technique. The results have also been compared with the results obtained with that of alumina nanofluid. The results clearly establish that the performance of hybrid nanofluid, in terms of cutting force, feed force, thrust force and surface roughness, is significantly better as compared to alumina nanoparticle mixed cutting fluid.