Magnetic nanofluids (MNFs) are suspensions which are comprised of a non-magnetic base fluid and magnetic nanoparticles. In this modern set of suspensions which can be called smart or functional fluids, fluid flow, particles movement and heat transfer process can be controlled by applying magnetic fields. Regarding unique characteristics of MNFs, studies in this field have witnessed a phenomenal growth. This paper reviews and summarizes recent investigations implemented on MNFs including those conducted on thermophysical properties, natural convection, forced convection, boiling as well as their practical applications. Moreover, this review identifies the challenges and opportunities for future research.
