Lubricating oil can effectively reduce friction between mechanical parts, thereby reducing energy consumption and improving service life and reliability. Due to the development of science and technology, it is necessary to improve the performance of lubricating oil to fulfill the higher tribological requirements for countering wear and providing lubrication. Nanolubricant additives have the four lubrication mechanisms of micro-bearing, protective film, polishing, and repair effects. A nanolubricant additive can often demonstrate a variety of lubrication mechanisms at the same time. As lubricating additives, metal and metal oxide nanoparticles have outstanding effects which improve the tribological properties of lubricating oil and have been widely studied in the field of tribology. This paper introduces the lubrication mechanism of nanoadditives and the latest research results for metal and metal-oxide nanoparticle lubrication additives.