Nanofluids, the fluid suspensions of nanomaterials, have shown many interesting properties, and the distinctive features offer unprecedented potential for many applications. This paper summarizes the recent progress on the study of nanofluids, such as the preparation methods, the evaluation methods for the stability of nanofluids, and the ways to enhance the stability for nanofluids, the stability mechanisms of nanofluids, and presents the broad range of current and future applications in various fields including energy and mechanical and biomedical fields. At last, the paper identifies the opportunities for future research.