When designing devices in the field of process, power and heat engineering the choice of the fluid that transports heat, mass and momentum is crucial. The thermal properties of such a fluid defines the efficiency of the device. Since the thermal properties of the standard heat transfer fluids, such as water or oil, are not optimal, nanofluids were introduced. A nanofluid is a term describing a dilute dispersion of particles in a fluid. The diameter of particles is in the order of ten nanometres. The particles are made of metal oxides, which enhance the thermal properties of the suspension. In this paper we will present the current trends in nanofluid modelling-from the effective properties approach, an approach that features additional equation for nanofluid concentration-to Euler-Lagrange type approaches.