This paper provides a comprehensive review of published literature concerning heat transfer benefits of nanofluids for both macro-channels and micro-channels. Included are both experimental and numerical findings concerning several important performance parameters, including single-phase and two-phase heat transfer coefficients, pressure drop, and critical heat flux (CHF), each being evaluated based on postulated mechanisms responsible for any performance enhancement or deterioration. The study also addresses issues important to heat transfer performance, including entropy minimization, hybrid enhancement methodologies, and nanofluid stability, as well as the roles of Brownian diffusion and thermophoresis. Published results point to appreciable enhancement in single-phase heat transfer coefficient realized in entrance region, but the enhancement subsides downstream. And, while some point to the ability of nanofluids to increase CHF, they also emphasize that this increase is limited to short duration boiling tests. Overall, studies point to many important practical problems associated with implementation of nanofluids in cooling situations, including clustering, sedimentation, and precipitation of nanopartides, clogging of flow passages, erosion to heating surface, transient heat transfer behavior, high cost and production difficulties, lack of quality assurance, and loss of nanofluid stability above a threshold temperature. (C) 2019 Elsevier Ltd. All rights reserved.