Heat transfer oils are used in applications such as heating systems of chemical plant, refinery heat exchange systems, gas plant process, injection molding systems, and pulp and paper processing. These oils are extremely stable and resistance to thermal and oxidative degradation. In the event of a spill or accidental release of heat transfer oils, it can be ignite easily when there is an ignition source. This paper discusses the flammability and thermal stabilities of new and used oils. The flammability of the oils are assessed by measuring changes in flash point and auto ignition temperature. The thermal stability of oils are evaluated by the thermal screening unit ($TS^u$) and the differential scanning calorimeter (DSC). From the experimental results, it is suggested to give fire hazard characteristics to safe precautions for the proper use and treatment of heat transfer oils.