The main goals are to reduce and manage wear and friction in any moving mechanical systems by incorporating lubricant between the moving parts. We want to reduce wear and friction with the help of incorporating some foreign materials which are commonly known as lubricants to increase the energy economy, performance, and lifespan of spinning elements. An analysis has been conducted on the creation of nanomaterials as additives-based lubricants and the associated problems with their processing, characterization, and tribological performance. Due to the significantly altered behavior of materials at the nanoscale, researchers worldwide are focusing on various nanoparticle-based lubricants as nanotechnology advances. This is because scattering different types of nanoparticles has improved lubricant qualities. The characteristics of lubricants containing nanoparticles of metal, metal oxide, carbon, hybrid/composite, and Mxene as additives will be examined in this article. Mxenes have unique lubricating potentials because of their unique structure, low shear resistance, and ease of modification. This article also demonstrates the variables influencing the behavior of the lubricant and the additive’s dispersion percentage.