Nanofluids can be employed as one of the two fluids needed to improve heat exchanger performance due to their improved thermal and rheological properties. In this review, the impact of nanoparticles on nanofluid properties is discussed by analyzing factors such as the concentration, size, and shape of nanoparticles. Nanofluid thermophysical properties and flow rate directly influence the heat transfer coefficient and pressure drop. High thermal conductivity nanoparticles improve the heat transfer coefficient; in particular, metallic oxide (such as MgO, TiO₂, and ZnO) nanoparticles show greater enhancement of this property by up to 30% compared to the base fluid. Nanoparticle size and shape are other factors to consider as well, e.g., a significant difference in thermal conductivity enhancement from 6.41% to 9.73% could be achieved by decreasing the Al₂O₃ nanoparticle size from 90 to 10 nm, affecting nanofluid viscosity and density. In addition, equations to determine the heat transfer rate and the pressure drop in a double-pipe heat exchanger are presented. It was established that the main factor that directly influences the heat transfer coefficient is the nanofluid thermal conductivity, and nanofluid viscosity affects the pressure drop.