The preparation of nanofluids with a wide range of thermophysical properties is possible by dispersing nanoparticles in different base fluids. In the present study, the effect of three different base fluids when dispersed with Fe3O4 nanoparticles is experimentally investigated by measuring their thermophysical properties as well as by determining their thermohydraulic performance using a Double Pipe Heat Exchanger (DPHE). The base fluids considered for the experimentation are Distilled water (DW), a mixture of Ethylene glycol and water in the ratio of 20:80 (20:80 EG-Water) and 40:60 (40:60 EG-Water) by volume. Fe3O4 nanoparticles are dispersed in these base fluids in the volume concentration ranging from 0.02% to 0.08%. The experiments are performed in the turbulent regime at an operating temperature of 45°C. A significant variation in the thermophysical properties is observed with volume concentration for EG-Water based nanofluid compared to that of water. With higher thermal conductivity, lower viscosity, higher specific heat and lower density, DW based Fe3O4 nanofluid has exhibited a higher heat transfer coefficient among the three different Fe3O4 based nanofluids. However, higher heat transfer enhancement compared to that of respective base fluid is observed for Fe3O4/40:60 EG-Water nanofluid. Accordingly higher Thermal Performance Factor has resulted in Fe3O4/40:60 EG-Water nanofluid.