Nanofluids have been receiving great attention in recent years due to their potential usage, not only as an enhanced thermophysical heat transfer fluid but also because of their great importance in applications such as drug delivery and oil recovery. Nevertheless, there are some challenges that need to be solved before nanofluids can become commercially acceptable. The main challenges of nanofluids are their stability and operational performance. Nanofluids stability is significantly important in order to maintain their thermophysical properties after fabrication for a long period of time. Therefore, enhancing nanofluids stability and understanding nanofluid behaviour are part of the chain needed to commercialise such type of advanced fluids. In this context, the aim of this article is to summarise the current progress on the study of nanofluids, such as the fabrication procedures, stability evaluation mechanism, stability enhancement procedures, nanofluids thermophysical properties, and current commercialisation challenges. Finally, the article identifies some possible opportunities for future research that can bridge the gap between in-lab research and commercialisation of nanofluids.