Lubricant additives can effectively enhance the performance and environmental adaptability of lubricants and reduce the energy loss and machine wear caused by friction. Nanomaterials, as important additive materials, have an essential role in the research and development of new lubricants, whose lubrication performances and mechanisms are not only related to their physical and chemical properties, but also influenced by the geometric shape. In this paper, the friction reduction and antiwear performances of nanomaterials as lubricant additives are first reviewed according to the classification of the dimensions, and their lubrication mechanisms and influence rules are revealed. Second, the recent research progress of composite nanomaterials as lubrication additives is introduced, focusing on their synergistic mechanism to improve the lubrication performance further. Finally, we briefly discuss the challenges faced by nanoadditives and provide an outlook on future research. The review expects to provide new ideas for the selection and development of lubricant additives to expand the application of nanoadditives.