Nanofluids offer better heat transfer characteristics when compared to conventional heat transfer fluids. In the present work, analysis of heat transfer characteristics and entropy generation of two different nanofluids is carried out experimentally. Iron oxide (Fe3O4) and silicon carbide (SiC) nanoparticles are suspended in base fluid Distilled water (DW) in the volume fractions ranging from 0.02 to 0.08%. The thermophysical properties and the heat transfer characteristics of the nanofluids are determined experimentally under turbulent flow conditions. Thermal and frictional entropy generation are determined along with entropy generation ratio (EGR) for the nanofluids. Results reveal that the increase in the volume fraction of nanoparticles resulted in the enhancement of thermal conductivity, viscosity, and density while specific heat decreased. The heat transfer coefficient and Nusselt number of the nanofluids increased with the increase in volume fraction of nanoparticles. Maximum enhancement of 13.96% and 6.58% in heat transfer coefficient and Nusselt number for Fe3O4 while 22.37% and 0.11% for SiC at 0.08% volume faction is observed. Thermal entropy generation decrease while the frictional entropy generation increased with the increase in volume fraction. The Entropy Generation Ratio (EGR) of the nanofluids decreased with the increase in volume fraction and flow rate, indicating the advantage of using nanofluid over conventional base fluids. A maximum decrease of 0.44% & 0.18% in EGR for Fe3O4 and SiC is obtained for 0.08% volume fraction.