Numerous researchers have reported significant improvements in nanofluid (NF) heat transfer (HT), suspension stability, thermal conductivity (TC), and rheological and mass transfer properties. As a result, nanofluids (NFs) play an important role in a variety of applications, including the health and biomedical engineering industries. The majority of the nanofluids (NFs) literature focuses on analyzing and comprehending the behavior of nanofluid models as heating or cooling mechanisms in various fields. This article represents a comprehensive study on nanofluids (NFs). It involves commonly used nanoparticles (NPs), magnetic nanofluids (MNFs), thermal conductivity (TC) enhancement, heat transfer (HT) enhancement, nanofluids (NFs) synthesis methods, stability evaluation methods, stability enhancement, nanofluids (NFs) applications in the biomedical field, and their impact on health and the environment. Nanofluids (NFs) play vital role in biomedical applications. It can be implemented in drug delivery systems, hyperthermia, sterilization processes, bioimaging, lubrication of orthopedic implants, and micro-pumping systems for drugs and hormones.