Nanoparticles play a crucial role in enhancing the thermal and rheological properties of nanofluids, making them a valuable option for increasing the efficiency of heat exchangers. This research explores how nanoparticle characteristics, such as concentration, size, and shape, impact the properties of nanofluids. Nanofluids' thermophysical properties and flow characteristics are essential in determining heat transfer efficiency and pressure loss. Nanoparticles with high thermal conductivity, such as metallic oxides like MgO, TiO₂, and ZnO, can significantly improve the heat transfer efficiency by around 30% compared to the base fluid. The stability of nanofluids plays a crucial role in their usability. Various methods, such as adding surfactants, using ultrasonic mixing, and controlling pH, have been employed to enhance the stability of nanofluids. The desired thermophysical properties can be achieved by utilizing nanofluids to enhance the system's heat transfer efficiency. Modifying the size and shape of nanoparticles also considerably improves thermal conductivity, affecting nanofluid viscosity and density. Equations for determining heat transfer rate and pressure drop in a double-pipe heat exchanger are discussed in this review, emphasizing the significance of nanofluid thermal conductivity in influencing heat transfer efficiency and nanofluid viscosity in impacting pressure loss. This Review identifies a trend indicating that increasing nanoparticle volume concentration can enhance heat transfer efficiency to a certain extent. However, surpassing the optimal concentration can reduce Brownian motions due to higher viscosity and density. This Review offers a viable solution for enhancing the thermal performance of heat transfer equipment and serves as a fundamental resource for applying nanofluids in heat transfer applications.