Nanofluid has become popular with the advancement in nanotechnology. Nanofluid has comparatively better stability than the microfluid because here much smaller‐sized particles (nanometer size) are suspended in the base fluid. It has improved thermophysical properties and convective heat transfer coefficient than the base fluid alone. That is why researchers have implemented this novel heat transfer fluid in versatile fields. These are solar collectors, solar thermal energy storage, electronics cooling, cooling and heating, heat pipes, automobile radiator, refrigeration system, natural convection, quenching, and many other applications. These varied applications indicate that in imminent future nanofluid will play a major role in these fields. Though all these trials are at present at academic research level, however, with the advancement in nanotechnology, surface science, colloidal chemistry, and so forth this nanofluid will definitely play a major role in heat transfer in the coming days.