Research in nanomaterials has brought many performance enhancements to the materials used in oil and gas well drilling, cementing, production, and enhanced oil recovery (EOR). While the products of these investigations and product development processes vary widely in terms of technological readiness, improvements in performance with nanoparticles are being witnessed in the field at this current time. Step‐change innovation in the industry through advances in nanomaterials is anticipated to find a strong footing in the development of smart self‐sensing cements, production technologies, EOR technologies, nanoparticle sensors, sensor networks, and downhole power and automation. Herein, a brief overview of the applications of nanoparticles as they relate to upstream oil and gas is provided and where the current state of the art is in high‐performance oil well construction, production enhancement, and reservoir management materials is evaluated.