Exploiting nanofluids in thermal systems is growing day by day. Nanofluids having ultrafine solid particles promise new working fluids for application in energy devices. Many studies have been conducted on thermophysical properties as well as heat and fluid flow characteristics of nanofluids in various systems to discover their advantages compared to conventional working fluids. The main aim of this study is to present the latest developments and progress in the mathematical modeling of nanofluids flow. For this purpose, a comprehensive review of different nanofluid computational fluid dynamics (CFD) approaches is carried out. This study provides detailed information about the commonly used formulations as well as techniques for mathematical modeling of nanofluids. In addition, advantages and disadvantages of each method are rendered to find the most appropriate approach, which can give valid results.