Chemical-enhanced oil recovery (chemical-EOR) is a unique strategy that employs chemical agents with special properties for enhancing crude oil recovery from matured reservoirs. However, chemical-EOR techniques face challenges, such as chemical deterioration under reservoir conditions and high cost. Nanotechnology, through the use of nanoparticles (NPs), and nanofluids (NFs), has shown promise in enhanced oil recovery by improving the thermal stability of chemicals under harsh conditions, reducing interfacial tension, and altering the wettability. Despite these potential advantages, a comprehensive review that addresses the screening requirements, comparative study of different NFs, and assessment of their economic viability is lacking. This review delves into factors impeding the performance of NFs as EOR agents, scrutinizes screening criteria, assesses their compatibility with other EOR techniques, examines real-world field applications, economic viability, and comparative study of chemical-EOR and NPs-assisted chemical-EOR, and elucidates existing opportunities and challenges. The findings suggest that NPs have the potential to serve as partial substitutes for chemicals due to their ability to control fine migration, reduce interfacial tension, alter wettability, and enhance emulsion stability. This highlights significant technical and commercial opportunities for nanotechnology in the field of EOR. The review aims to provide a comprehensive understanding of how nanotechnology can be applied in the chemical-EOR domain, establishing a foundation for research and development in this area