Scientific tribology is the study of the administration and control of friction, wear, and lubrication. As a consequence, it is everywhere, from nano-electromechanical systems in medicine to large-scale integrated electric propulsion on aircraft carriers. There is a wide range of applications for these technologies. Due to advancements in technology and science, there have been significant breakthroughs in the field of nanolubricant additives. These additives are extensively utilized in scientific research and various industrial applications to effectively minimize friction and wear. This reduction in friction and wear is of utmost importance as it plays a vital role in conserving energy and protecting the environment. Nanolubricant additives can be categorized into three groups based on their components: nanometal-based additives, nanocarbon-based additives, and nanocomposite-based additives. This work studies the applications of nanomaterials in lubricating oil and contrasts their tribological properties as additives to lubricating oil. Furthermore, synergistic lubrication in nanocomposites and the interaction between nanoparticles and the sliding surface, lubricating oil, as well as other additives are effectively elaborated. Finally, suggestions for further investigation into nanoparticles’ potential use as lubricant additives are provided. It is hoped that this research will lead to a deeper understanding of nanoparticles in lubricating oil applications and the creation of nano-additives with enhanced tribological performance.