Densities, viscosities and refractive indices of the {poly(ethylene glycol) 200 + ethanol} binary liquid system were determined at three temperatures of (298.15, 303.15, and 308.15) K. From the experimental results, the excess molar volume was obtained and correlated with the Prigogine–Flory–Patterson (PFP) and Extended Real Associated Solution (ERAS) models. Several isobaric and isothermal properties consisting of the isobaric thermal expansion coefficient, excess molar isobaric expansion, excess molar isobaric heat capacity, isothermal coefficient of excess molar enthalpy, activation energy of flow, electron polarizibility, and Gibbs energy of activation were calculated from the experimental measurements. Moreover, the viscosity and refractive index values were correlated and predicted with different semi-empirical equations. To assess the validity of these proposed equations, comparisons were made between the experimental and predicted values.