Enhancing the Convective heat transfer in the carrier fluids, by augmenting the thermal conductivity in fluids, with nano particles is one of the passive techniques. Enhancement in the thermal conductivity in the carrier fluids can be achieved by suspending particles of nano-size into the base fluids, such colloidal suspensions are called as nanofluids. Nanofluids are proven fluids which improve the convective transfer of heat in the base fluids in the heat exchangers. But still, there are lot of challenges that are existing in understanding the mechanisms of enhancement of convective heat transfer for large scale applications. In this work, an attempt is made to summarize recent advancements on augmentation of convective heat transfer in heat exchangers in turbulent flows using various nanofluids and present various setbacks for the development of nanofluids for critical applications.