The addition of nanoparticles to liquid media can improve thermomechanical properties of dispersants. This ability gives rise to the development of multiple applications of nanofluids (NF) in branches so different as electronic and photonic devices or cosmetic industry. Logically, these applications require a good control of heat transfer and flow properties. Moreover, if we consider the necessity to optimize industrial processes in which NF take part, it is necessary to obtain possible relationships between both physical mechanisms. Specifically, in this work, a study about thermal conductivity and rheological behavior of fumed silica suspensions in polypropylene glycol (PPG400) and polyethylene glycol (PEG200) was performed. The study of these two suspensions is interesting because the flow behaviors are very dissimilar (while the fumed silica in PEG200 suspension is viscoplastic, the fumed silica in PPG400 suspension shows shear-thickening behavior between two shear-thinning regions), despite the addition of fumed silica producing similar enhancement of the relative thermal conductivity in both liquid phases. The more outstanding contribution of this work lies in the combination of rheological and conductivity measurements to deepen in the understanding of the heat transfer phenomenon in NF. The combination of rheological together with thermal conductivity measurements have permitted establishing the mechanisms of liquid layering and aggregate formation as the more relevant in the heat transfer of these silica fumed suspensions.