tA novel synthesis procedure is presented for preparing triethanolamine-treated graphene nanoplatelets(TEA-GNPs) with different specific areas (SSAs). Using ultrasonication, the covalently functionalizedTEA-GNPs with different weight concentrations and SSAs were dispersed in distilled water to prepareTEA-GNPs nanofluids. A simple direct coupling of GNPs with TEA molecules is implemented to synthesizestable water-based nanofluids. The effectiveness of the functionalization procedure was validated by thecharacterization and morphology tests, i.e., FTIR, Raman spectroscopy, EDS, and TEM. Thermal conduc-tivity, dispersion stability, and rheological properties were investigated. Using UV–vis spectrometer, ahighest dispersion stability of 0.876-relative concentration was reached after 100 days from preparation.Water-based TEA-GNPs nanofluids showed quite Newtonian behavior with an increase in the measuredvalues of viscosity as weight concentration increases and temperature decreases. As the classical modelsof viscosity underestimated the experimental viscosity data for the TEA-GNPs nanofluids, a correla-tion was proposed and showed good agreement. Thermal conductivity values increased as the weight concentration, SSA, and temperature increased. Nanofluid containing TEA-GNPs with SSA of 750 m2/gand 0.1-wt% showed the highest increase in thermal conductivity, i.e., from 0.673 to 0.752 W/m K as thetemperature increased from 20 to 40◦C. The novel type of nanofluids that were prepared in this studyrevealed notable potential for use as advanced working fluids in various heat transfer applications.