Hybrid nanofluids developed with the fusion or suspension of two or more different nanoparticles in a mixture as a novel heat transfer fluid are currently of interest to researchers due to their proven better measured thermal conductivities. Several reviewed articles exist on the thermal conductivity of hybrid nanofluids, a vital property for which the heat transfer rate is directly dependent. This review aims to understand the current developments in hybrid nanofluids and their applications. An extensive literature survey was carried out of heuristic-based articles published in the last 15 years. The review reiterates topical research on the preparation methods and ways to improve the stability of readied fluid, thermophysical properties of mixture nanofluids, and some empirical correlations developed for estimating thermal conductivity. Hybrid nanofluid studies on heat transfer performance in automobile radiator cooling systems were also obtained and discussed. The review’s significant findings include the following: (1) hybrid nanofluids produce a noticeable thermal conductivity enhancement and a relatively higher heat transfer coefficient than mono nanofluids and regular liquids. Furthermore, through the uniform dispersion and stable suspension of nanoparticles in the host liquids, the maximum possible thermal augmentation can be obtained at the lowest possible concentrations (by <0.1% by volume). (2) An automobile radiator’s overall heat transfer accomplishment can thus be boosted by using a mixture of nanofluids as conventional coolants. Up-to-date literature results on the thermal conductivity enhancement of mixture fluids are also presented in this study. Nonetheless, some of the barriers and challenges acknowledged in this work must be addressed for its complete deployment in modern applications.