In the present study, the effect of volume concentration (0.05, 0.1 and 0.15 %) and temperature (10–90 °C) on viscosity and surface tension of graphene–water nanofluid has been experimentally measured. The sodium dodecyl benzene sulfonate is used as the surfactant for stable suspension of graphene. The results showed that the viscosity of graphene–water nanofluid increases with an increase in the volume concentration of nanoparticles and decreases with an increase in temperature. An average enhancement of 47.12 % in viscosity has been noted for 0.15 % volume concentration of graphene at 50 °C. The enhancement of the viscosity of the nanofluid at higher volume concentration is due to the higher shear rate. In contrast, the surface tension of the graphene–water nanofluid decreases with an increase in both volume concentration and temperature. A decrement of 18.7 % in surface tension has been noted for the same volume concentration and temperature. The surface tension reduction in nanofluid at higher volume concentrations is due to the adsorption of nanoparticles at the liquid–gas interface because of hydrophobic nature of graphene; and at higher temperatures, is due to the weakening of molecular attractions between fluid molecules and nanoparticles. The viscosity and surface tension showed stronger dependency on volume concentration than temperature. Based on the calculated effectiveness of graphene–water nanofluids, it is suggested that the graphene–water nanofluid is preferable as the better coolant for the real-time heat transfer applications.