Nanofluids are considered to be a next-generation heat transfer medium due to their excellent thermal performance. To investigate the effect of electric fields and magnetic fields on heat transfer of nanofluids, this paper analyzes the mechanism of thermal conductivity enhancement of nanofluids, the chaotic convection and the heat transfer enhancement of nanofluids in the presence of an applied electric field or magnetic field through the method of literature review. The studies we searched showed that applied electric field and magnetic field can significantly affect the heat transfer performance of nanofluids, although there are still many different opinions about the effect and mechanism of heat transfer. In a word, this review is supposed to be useful for the researchers who want to understand the research state of heat transfer of nanofluids.