Heat exchangers are extensively employed across diverse sectors for efficient thermal (heat)transfer between two fluids, specifically from a hot fluid to a cold fluid. Nanofluids are promising heat transfer fluids that exhibit exceptional thermal performance in heat exchangers. The present study examines the thermodynamic second law efficiency analysis of a shell and helical coil heat exchanger utilizing MXene/80:20% water+[MMIM][DMP] (mass percentage) based ionanofluids. An analytical investigation was conducted on the heat transfer coefficient, entropy generation rate, and exergy efficiency of a shell and helical coil heat exchanger, considering particle weight loadings from 0.2% to 1.0%, Reynolds numbers from 500 to 4300, and flow rates from 0.5 to 3.5 L/min. In the base fluid, at 1.0 wt.% and at a Reynolds number of 3598, the increase in heat transfer, Nusselt number, friction factor, pressure drop, effectiveness, and frictional entropy generation are 45.59%, 28.27%, 15.19%, 12.56%, 17.20%, and 16.21%, respectively. Concurrently, thermal entropy generation, and total exergy destruction were reduced by 46.23% and 20.08%, respectively. The second law (exergy) efficiency and thermal performance factor are improved by 34.04% and 1.384-times, respectively, at 1.0 wt.% and at a Reynolds number of 3598, compared to the base fluid. The data from the current study is corroborated by existing literature. New correlations were developed from the computed data points to estimate the Nusselt number and friction factor.