Recent research studies have shown the very high potentials nanotechnology application has in the refrigeration and air conditioning industry for improving the thermophysical properties of refrigerants and lubricants hence leading to systems with higher COP and much reduced size. The successes achieved with nanorefrigerants are connected to the improved technology for the preparation of nanofluids that has led to achieving more homogeneous and stable mixture of the base fluid and nanoparticle. However, available literatures point to the fact that nanoparticles can find its way into the human cells and as such is a potential health risk for humans and animals. At present, emphasis appears to concentrate more on the technological successes achieved with nanorefrigerants, like improved thermal conductivity, nucleate boiling and boiling heat transfer coefficient without factoring in much the potential health implications of adopting it. This paper therefore looked at the potential health consequences of adopting nanotechnology and called for an early regulatory framework to guard against any unforeseen health issues. Areas of future research were also suggested.