This paper reviews recent developments in the fundamental understating of ultrafine (nano) bubbles (NBs) and presents technological advances and reagent types used for their generation in flotation. The generation of NBs using various approaches including ultrasonication, solvent exchange, temperature change, hydrodynamic cavitation, and electrolysis was assessed. Most importantly, restrictions and opportunities with respect to the detection of NBs were comprehensively reviewed, focusing on various characterization techniques such as the laser particle size analyzer (LPSA), nanoparticle tracking (NTA), dynamic light scattering (DLS), zeta-phase light scattering (ZPALS), and zeta sizer. As a key feature, types and possible mechanisms of surfactants applied to stabilize NBs were also explored. Furthermore, flotation-assisted nano-bubbles was reported as an efficient method for recovering minerals, with a special focus on flotation kinetics. It was found that most researchers reported the existence and formation of NBs by different techniques, but there is not enough information on an accurate measurement of their size distribution and their commonly used reagents. It was also recognized that a suitable method for generating NBs, at a high rate and with a low cost, remains a technical challenge in flotation. The application of hydrodynamic cavitation based on a venturi tube and using the LPSA and NTA in laboratory scales were identified as the most predominant approaches for the generation and detection of NBs, respectively. In this regard, neither pilot- nor industrial-scale case studies were found in the literature; they were only highlighted as future works. Although the NB-stabilizing effects of electrolytes have been well-explored, the mechanisms related to surfactants remain the issue of further investigation. The effectiveness of the NB-assisted flotation processes has been mostly addressed for single minerals, and only a few works have been reported for bulk materials. Finally, we believe that the current review paves the way for an appropriate selection of generating and detecting ultrafine bubbles and shines the light on a profound understanding of its effectiveness.