In this paper viability of the Nano-refrigerants as a replacement for conventional coolants in bringing down energy consumption and thereby contribute to the green economy has been reviewed. The influence of the % of nanoparticle concentration in thermal conductivity, heat transfer characteristics, and system performance in a refrigeration system is analysed. In this paper, the use of MHD and NEPCM were also discussed and reviewed for their useful impact in the field of nano refrigeration. Review analysis indicated that the maximum coefficient of performance, i.e., 18.75% of enhancement, was observed when the TiO2 nanoparticle was added to the R134a refrigerant. Whereas in the case of the power consumption, Al2O3/R134a gives a 27% reduction in power consumption compared to the conventional fluids. Energy-saving of Al2O3/R134a nano-refrigerant is more than 5 times and 80% more efficient compared to R134a/CuO. Similarly, Al2O3/R134a is 50% more efficient than R134a/SiO2 and 3.4% more efficient than R134a/TiO2. However, R134a/TiO2 exhibited a 54.7% increment in the value of COP compared to R134a/Al2O3. Also, R134a/TiO2 displayed 60% and 35.2% of increment in COP in contrast to R134a/CuO, R134a/SiO2 respectively. The analysis recommends R134a/TiO2 as the best nano-refrigerant as its COP is the highest of all with the energy savings on par with the Al2O3/R134a.