To reduce the popularization and application cost of the photovoltaic/thermal (PV/T) collector, using nanofluids as the spectral-beam splitter (SBS), low-cost water-ZnO nanofluid is prepared by the two-step method as the SBS, and its preparation parameters are optimized to enhance its stability, including the dispersant type, dispersion ratio, and ultrasonic duration. On this basis, the effects of mass fraction, nanoparticle size, and optical path on the spectral transmittance of water-ZnO nanofluid are first tested experimentally; secondly, the effects of the above parameters on the regulation performance of heat-to-electricity of the SBS-PV/T collector are simulated and analyzed; finally, the sensitivity of the above parameters to four evaluation indexes is evaluated. The results show that adding sodium hexametaphosphate as a dispersant with the dispersion ratio of 1∶5 and ultrasonic treatment for 1.5 hours can maximize the stability of water-based ZnO nanofluid. Secondly, the mass fraction, particle size, and optical path have a linear influence on the thermal and electric performances of the SBS-PV/T collector; concretely, the photothermal efficiency, heat-to-electric ratio, overall efficiency, and merit function of the SBS-PV/T collector increase with the mass fraction, particle size, and optical path; while the photovoltaic efficiency is the opposite. Of which, the heat-to-electric ratio is most sensitive to the change of nanofluid parameters, with an average sensitivity coefficient of 0.45; on the other hand, the performance of the SBS-PV/T collector is most sensitive to the optical path, and its sensitivity coefficients to photothermal efficiency, photovoltaic efficiency, heat-to-electric ratio, and merit function of the collector are 0.53, -0.27, 0.76, and 0.09, respectively.