The growing demand for efficient and sustainable energy solutions underscores the importance of advancing solar energy technologies, particularly Concentrated Solar Power (CSP) systems. This review presents a structured evaluation of two key innovation domains in CSP: the application of nanofluids and the adoption of Industry 4.0 technologies. The first part analyzes experimental and simulation-based studies on nanofluid-enhanced CSP systems, covering four major collector types—parabolic trough, solar power tower, solar dish, and Fresnel reflectors. Nanofluids have been shown to significantly enhance thermal efficiency, with hybrid formulations offering the greatest improvements. The second part examines the role of Industry 4.0 technologies—including artificial intelligence (AI), machine learning (ML), and digital twins (DT)—in improving CSP system monitoring, performance prediction, and operational reliability. Although a few recent studies explore the combined use of nanofluids and Industry 4.0 tools in CSP systems, most research addresses these areas independently. This review identifies this lack of integration as a gap in the current literature. By presenting separate yet complementary analyses, the study offers a comprehensive overview of emerging pathways for CSP optimization. Key research challenges and future directions are highlighted, particularly in nanofluid stability, system cost-efficiency, and digital implementation at scale.