The development of nanofluids (NFs) has significantly advanced the thermal performance of heat transfer fluids (HTFs) in heating and cooling applications. This review examines the synergistic effects of different nanoparticles (NPs)—including metallic, metallic oxide, and carbonaceous types—on the thermal conductivity (TC) and specific heat capacity (SHC) of base fluids like molecular, molten salts and ionic liquids. While adding NPs typically enhances TC and heat transfer, it can reduce SHC, posing challenges for energy storage and sustainable thermal management. Key factors such as NP composition, shape, size, concentration, and base fluid selection are analyzed to understand the mechanisms driving these improvements. The review also emphasizes the importance of interfacial interactions and proper NP dispersion for fluid stability. Strategies like optimizing NP formulations and utilizing solid–solid phase transitions are proposed to enhance both TC and SHC without significantly increasing viscosity, a common drawback in NFs. By balancing these properties, NFs hold great potential for renewable energy systems, particularly in improving energy storage efficiency. The review also outlines future research directions to overcome current challenges and expand the application of NFs in sustainable energy solutions, contributing to reduced carbon emissions.