This review discusses exclusively the recent research on electrical conductivity of nanofluids, correlations and mechanisms and aims to make an important step to fully understand the nanofluids behavior. Research on nanoparticle-enhanced fluids’ electrical conductivity is at its beginning at this moment and the augmentation mechanisms are not fully understood. Basically, the mechanisms for increasing the electrical conductivity are described as electric double layer influence and increased particles’ conductance. Another idea that has resulted from this review is that the stability of nanofluids can be described with the help of electrical conductivity tests, but more coordinated research is needed. The purpose of this article is not only to describe the aforementioned studies, but also to fully understand nanofluids’ behavior, and to assess and relate several experimental results on electrical conductivity. Concluding, this analysis has shown that a lot of research work is needed in the field of nanofluids’ electrical characterization and specific applications.