Nanoparticles have garnered significant interest because of their ability to enhance greatly the optical properties of the base fluid in which they are suspended. The optical properties of nanoparticles are sensitive to the materials used, as well as to the host medium. Most fluids exhibit refractive indices that are highly temperature-dependent, resulting in nanoparticle suspensions which also exhibit temperature-dependent optical properties. Previous work has shown that temperature increases result in decreased absorption in nanoparticle suspensions. Here, we expand previous work to include core–shell particles due to the potential spectral shifts in optical properties that will arise from the base fluid with temperature changes and the role of agglomeration under temperature cycling through both experimental and numerical efforts. Thermal cycling tests for silica and gold, the constituents of the core–shell nanoparticles used in this study, were tested to determine the extent of particle agglomeration resulting from up to 200 accelerated heating cycles. Optical properties were recorded after heating two base fluids (water and ethylene glycol) with multiple surfactants for silver nanospheres and silica–gold core–shell nanoparticles. It was found that the temperature results in a small increase in the transmittance for both particle types and a blue shift in the spectral transmittance for core–shell nanoparticles. Further, the coupling effect of temperature and agglomeration played a significant role in determining both the spectral properties—particularly the resulting transmittance—of the silver nanoparticle suspensions.