Metalworking fluids (MWFs) are crucial in the manufacturing industry, playing a key role in facilitating various production processes. As each machining operation comes with distinct requirements, the properties of the MWFs have to be tailored to meet these specific demands. Understanding the properties of different MWFs is fundamental for optimizing processes and improving performance. This study centered on characterizing the thermal behavior of various cutting oils and water-based cutting fluids over a wide temperature range and sheds light on the specific tribological behavior. The results indicate that water-based fluids exhibit significant shear-thinning behavior, whereas cutting oils maintain nearly Newtonian properties. In terms of frictional performance, cutting oils generally provide better lubrication at higher temperatures, particularly in mixed and full-fluid film regimes, while water-based fluids demonstrate greater friction stability across a wider range of conditions. Among the tested fluids, water-based formulations showed a phase transition from solid to liquid near 0 °C due to their high water content, whereas only a few cutting oils exhibited a similar behavior. Additionally, the thermal conductivity and heat capacity of water-based fluids were substantially higher than those of the cutting oils, contributing to more efficient heat dissipation during machining. These findings, along with the reported data, intend to guide future researchers and industry in selecting the most appropriate cutting fluids for their specific applications and provide valuable input for computational models simulating the influence of MWFs in the primary and secondary shear zones between cutting tools and the workpiece/chiplet.