The rising global temperatures, attributed to the high global warming potential (GWP) of conventional refrigerants, necessitate the adoption of low-GWP alternatives in HVAC systems. However, these low-GWP refrigerants often exhibit high toxicity and flammability, limiting their usage. To address these challenges, compact heat exchangers incorporating blended refrigerants have been introduced to enhance HVAC system performance. Researchers have also made significant strides in improving HVAC system efficiency by introducing the concept of suspending nanolubricants and nanorefrigerants within the system. This review paper seeks to comprehensively assess the potential of alternative refrigerants containing suspended nanoparticles, commonly referred to as nanorefrigerants. The paper reviews various mechanisms and potential combinations of different nanorefrigerants employed to enhance refrigeration system effectiveness and efficiency. A detailed examination of key heat transfer parameters and the performance predictions of low-GWP refrigerants, including those from the hydrofluoroolefin (HFO) and hydrocarbon (HC) classes, is conducted through energy and exergy analyses. Commercial refrigerants like R-134a, R-290, R-600, R-600a, R-123, R-125, R-22, R-141b, R-152, R-11, R-113, R-404a, R-407c, R-502, R-600a, R-507a, R-1234yf, R-1234ze, 1336mzz(Z), and R-410a are evaluated in conjunction with suspended nanoparticles, considering their specific properties. The findings indicate that the utilization of nanorefrigerants leads to notable improvements in overall system performance, characterized by reduced compressor workloads and increased heat transfer rates. Consequently, the integration of blended nanoparticles into refrigerants holds significant promise for advancing the HVAC field.