Due to the improved thermophysical characteristics of ionic liquids (ILs), such as their strong ionic conductivity, negligible vapor pressure, and thermal stability at high temperatures, they are being looked at viable contender for future heat transfer fluids. Additionally, the dispersing nanoparticles can further improve the thermophysical characteristics and thermal performance of ionic liquids, which is one of the emerging research interests to increase the heat transfer rates of the thermal devices. The latest investigations about the utilization of ionic liquid nanofluids as a heat transfer fluid is summarized in this work. These summaries are broken down into three types: (a) the thermophysical parameters including thermal conductivity, viscosity, density, and specific heat of ionic liquids (base fluids), (b) the thermophysical properties like thermal conductivity, viscosity, density, and viscosity of ionic liquids based nanofluids (IL nanofluids), and (iii) utilization of IL nanofluids as a heat transfer fluid in the thermal devices. The techniques for measuring the thermophysical characteristics and the synthesis of IL nanofluids are also covered. The suggestions for potential future research directions for IL nanofluids are summarized.