Since the definition of ‘Nanofluid’ has been introduced, research related to it has developed and emerged in an endless stream for the advantages of nanoparticles added to the base liquid. The ability of added nanoparticles to tune the heat transfer and rheological properties of the used base liquid would bring us amount of promising applications. However, the basic theory of mechanism of heat tranfer for nanofluid was not well standardrized, and there were still many inconsistencies behind the mechanisms of thermal conductance increase of nanofluids and whether enhancement or deterioration in convective and boiling heat transfer performance of nanofluids. Recent developments are reviewed of transport properties like thermal conductivity and viscosity of nanofluids and nanofluids heat transfer performance under both convective and boiling conditions in order to provide researchers resources about different important aspects of nanofluids, and identify potentials for future study.