The aim of the present research is to analyze thermophysical and tribological properties of PAO4 nanolubricants containing functionalized (GO-polyethyleneimine-oleic acid, GO-PEI-OA) and non-functionalized (GO) graphene oxide. Nanodispersions of these NPs were prepared, observing a better stability for the GO-PEI-OA nanolubricants. As for the tribological properties, significant improvements in coefficient of friction were obtained comparing with the base oil, being 28% for GO-PEI-OA (0.10   wt %). Concerning the anti-wear behavior, better results were obtained for GO-PEI-OA nanolubricants (0.15   wt %) with improvements of about 27%, 54% and 60% for the diameter, depth, and area of the wear track, respectively. Finally, Raman spectroscopy and surface roughness measurements were used to identify the tribological mechanisms of tribofilm formation and repairing.