In this article, 3-(3,5-di- tert-butyl-4-hydroxyphenyl) propionic acid (DBHP)-functionalized ZnO (DBHP-ZnO) nanoparticles were synthesized by decomposing the organometallic precursor Zn(DBHP)2 under alkaline conditions. This in situ surface modification method can induce small-sized ZnO nanoparticles (5 nm) and form strong linkage between DBHP and ZnO nanoparticles. DBHP as an organic compound hindered phenol antioxidant that not only improved the dispersion stability of the prepared DBHP-ZnO nanoparticles in the lubrication oil but also scavenged free radicals produced during the oxidation process of oil. Compared with DBHP, the thermal stability of the prepared composite antioxidant was greatly enhanced by introducing inorganic ZnO nanoparticles, which was proved by the results of the thermogravimetric analysis test. A rotary oxygen bomb test, pressurized differential scanning calorimetry, and free-radical-scavenging method all showed that DBHP-ZnO nanoparticles had better antioxidant properties than DBHP under high temperature in the base oil of di- iso-octylsebacate (DIOS). The activation energy of the oxidation process was used to analyze this result by the model-free methods, including the Flynn-Wall-Ozawa method and the Kissinger equation. The calculated results showed that DIOS containing DBHP-ZnO nanoparticles have the lowest reaction constant and the longest half-life period compared to those of individual DBHP and ZnO nanoparticles, which is attributed to the combined action of the organic-inorganic composites. Besides, DBHP-ZnO nanoparticles as the additive are able to improve the antiwear ability of DIOS to some extent. Therefore, the as-prepared DBHP-ZnO nanoparticles with desired dispersibility as well as better thermal stability and antioxidant ability than DBHP in the DIOS base oil could be a potential high-performance nanocomposite additive for a synthetic lubricant base oil like DIOS.