Nanofibrous clay minerals, specifically palygorskite (Pal) and sepiolite (Sep), have been becoming a new generation of rheological additives for drilling fluid systems due to their unique nanostructure, high performance, environmentally benign nature, and cost-effectiveness. These nanoclay minerals exhibit excellent colloidal and rheological properties in aqueous systems, even in saline and high-temperature environments. Although Pal and Sep have been employed as auxiliary rheological additives in a few cases to enhance the salt resistance of conventional water-based drilling fluids (WBDFs), these two clay minerals have not yet been used on a large scale due to a lack of understanding of their structures and properties, as well as the control of their performance. This paper presents a comprehensive review of the clay mineralogy, colloidal chemistry, rheological behaviors, and filtration properties of nanofibrous clay minerals in WBDFs, with critical comments. It also discusses the challenges and prospects for further research. This review provides new insights into fundamental and applied studies of nanofibrous clay minerals and helps promote the large-scale application of nanofibrous clay products in drilling fluids.