The thermal energy storage and conversion process possesses high energy losses in the form of waste heat. The losses associated with energy conversion achieve almost 90% of the worldwide energy supply, and approximately half of these losses are waste heat. Hence, waste heat recovery approaches intend to recuperate that large amount of wasted heat from chimneys, vehicles, and solar energy systems, among others. The novel class of thermal fluids designated by nanofluids has a high potential to be employed in waste heat recovery. It has already been demonstrated that nanofluids enhance energy recovery efficiency by more than 20%. Also, the use of nanofluids can improve the energy capacity of steelworks systems by around three times. In general, nanofluids can improve efficiency and reduce exergy destruction and carbon emissions in devices like heat exchangers. The current work summarizes the application of nanofluids in waste heat recovery and discusses the involved feasibility factors. Also, the critical survey of more than one hundred scientific papers enabled the overview of the environmental aspects of the nanofluid’s waste heat recovery. Finally, it discusses the main limitations and prospects of the use of nanofluids in waste heat recovery processes.