In recent years, technical advancements in high-heat-flux devices (such as high power density and increased output performance) have led to immense heat dissipation levels that may not be addressed by traditional thermal fluids. High-heat-flux devices generally dissipate heat in a range of 100–1000 W/cm2 and are used in various applications, such as data centers, electric vehicles, microelectronics, X-ray machines, super-computers, avionics, rocket nozzles and laser diodes. Despite several benefits offered by efficient spray-cooling systems, such as uniform cooling, no hotspot formation, low thermal contact resistance and high heat transfer rates, they may not fully address heat dissipation challenges in modern high-heat-flux devices due to the limited cooling capacity of existing thermal fluids (such as water and dielectric fluids). Therefore, in this review, a detailed perspective is presented on fundamental hydrothermal properties, along with the heat and mass transfer characteristics of the next-generation thermal fluid, that is, the hybrid nanofluid. At the end of this review, the spray-cooling potential of the hybrid nanofluid for thermal management of high-heat-flux devices is presented.