Liquid is commonly used as energy carriers in heat exchange devices due to the ease with which they can be transported via continuous pumping. It is because of this reason that a large amount of research is devoted to find new types of fluids with improved thermal properties. Nanofluids as one of these new types of fluids have been studied extensively in the last 20 years. Nanofluid is defined as a modern engineering material that consists of solid nanoparticles with sizes typically ranging from 1–100 nm suspended in a base fluid. Hoffmann et al. described this new class of nanotechnology-based heat transfer fluids that exhibit thermal properties, which are much better than those of their host fluids or conventional particle fluid suspensions, researchers have found that nanofluids can be used to enhance a wide range of fluid properties. This is a new challenge in thermal sciences provided by nanotechnology.