The emergence and progression of synthetic rubber have paved the way in variegated prospects across various engineering and technological fields. Nonetheless, its inherent limitations such as poor mechanical and thermal properties including wear resistance, poor tensile strength, and lower thermal conductivity, as evident in styrene butadiene rubber and silicone rubber, have constrained its utility in numerous load-bearing scenarios. This limitation has been addressed by incorporating specific nanofillers into various rubber compositions, resulting in promising outcomes up to a certain threshold. Many nanofillers were trialed, such as graphite oxide, aluminum oxide, carbon nanotubes, and boron nitride. However, an attempt should be made to explore the disparity in dimensional attributes of nanofillers and their effect on different properties of rubber, thereby delineating the scope for future research. The exploration of dimensionally distinct nanofillers, such as 1D multiwalled carbon nanotubes and 2D graphene, can overcome these limitations and augment rubber’s mechanical properties and thermal properties. The study also delineates the scope of future research, which should be focused on optimizing the nanofillers’ dispersion and interfacial bonding within the rubber matrix by trying dimensionally different nanofillers.