Abstract Experimental investigations on thermophysical properties and forced convective heat transfer characteristics of various nanofluids are reviewed and the mechanisms proposed for the alteration in their values or characteristics due to the addition of nanoparticles are summarized in this review. A comprehensive review on the experimental works on specific application of nanofluids is also presented. As the literature in this area is spread over a span of two decades, this review could be useful for researchers to have an accurate screening of wide range of experimental investigations on thermophysical properties, forced convective heat transfer characteristics, the mechanisms involved and applications of various nanofluids.