Microelectronic components are used in a variety of applications that range from processing units to smart devices. These components are prone to malfunctions at high temperatures exceeding 373 K in the form of heat dissipation. To resolve this issue, in microelectronic components, a cooling system is required. This issue can be better dealt with by using a combination of metal foam, heat sinks, and nanofluids. This study investigates the effect of using a rectangular-finned heat sink integrated with metal foam between the fins, and different water-based nanofluids as the working fluid for cooling purposes. A 3D numerical model of the metal foam with a BCC-unit cell structure is used. Various parameters are analyzed: temperature, pressure drop, overall heat transfer coefficient, Nusselt number, and flow rate. Fluid flows through the metal foam in a turbulent flow with a Reynold’s number ranging from 2100 to 6500. The optimum fin height, thickness, spacing, and base thickness for the heat sink are analyzed, and for the metal foam, the material, porosity, and pore density are investigated. In addition, the volume fraction, nanoparticle material, and flow rate for the nanofluid is obtained. The results showed that the use of metal foam enhanced the thermal performance of the heat sink, and nanofluids provided better thermal management than pure water. For both cases, a higher Nusselt number, overall heat transfer coefficient, and better temperature reduction is achieved. CuO nanofluid and high-porosity low-pore-density metal foam provided the optimum results, namely a base temperature of 314 K, compared to 341 K, with a pressure drop of 130 Pa. A trade-off was achieved between the temperature reduction and pumping power, as higher concentrations of nanofluid provided better thermal management and resulted in a large pressure drop.