Nutrient enrichment of lakes from anthropogenic activities is a significant and increasing issue globally, impairing the health, biodiversity and service provisioning from lakes, with impacts on cultural, recreational, economic and aesthetic values. Internal nutrient loads from lakebed sediment releases are a primary cause of lake eutrophication and have necessitated geoengineering methods to mitigate releases and speed up recovery from eutrophication. Our objective in this review was to evaluate the use of oxygen nanobubbles as a geoengineering technology to remediate low oxygen conditions at the lake sediment/water interface, as a precursor to alleviating eutrophication linked to high internal nutrient loads. Oxygen nanobubbles (NBs) are bubbles < 1000 nm formed at the interface of solid surfaces and aqueous solutions. These bubbles have higher density than water, persist for longer and facilitate greater oxygen solubility than larger bubbles. Methods have been developed to enable NB formation at the surface of carrier materials, which are then used in conjunction with modified local soils (MLSs), to ‘floc, lock and oxygenate’ to strip nutrients from the water column, locking them in lakebed sediments and oxygenating the sediments to prevent re-release of nutrients. Most studies of NBs for lake restoration have thus far only demonstrated their potential for this purpose, using short-term, small-scale core incubations conducted mainly in laboratory settings. Work is required to (1) address scalability, including procurement and cost, (2) extend laboratory incubation studies to large outdoor enclosures and pond/lake trials, (3) examine longevity of the effects in the natural environment, including potential for MLSs to smother benthos and/or have toxic effects, and (4) extend to a range of lake environments and MLS types. Legal, cultural and social acceptance of the technology is another prerequisite of applications in the natural environment and requires individualised analysis. Until these issues are addressed in a systematic way that addresses scalability and recommends suitable carrier materials and MLSs, NBs may continue to remain largely untried as a geoengineering method to address lake eutrophication.