This paper presents a comprehensive and critical review of studies on nucleate pool boiling heat transfer, flow boiling heat transfer, critical heat flux (CHF), and two-phase flow phenomena with nanofluids. First, general analysis of the available studies on the relevant topics is presented. Then, studies of physical properties of nanofluids are discussed. Next, boiling heat transfer, CHF phenomena, and the relevant physical mechanisms are explored. Finally, future research needs have been identified according to the review and analysis. As the first priority, the physical properties of nanofluids have a significant effect on the boiling and CHF characteristics but the lack of the accurate knowledge of the physical properties has greatly limited the studies. Fundamentals of boiling heat transfer and CHF phenomena with nanofluids have not yet been well understood. Flow regimes are important in understanding the boiling and CHF phenomena and should be focused on. Two-phase pressure drops of nanofluids should also be studied. Furthermore, economic evaluation of the enhancement technology with nanofluid should be considered for the new heat transfer enhancement technology with nanofluids. Finally, applied research should be targeted to achieve an enabling practical heat transfer and CHF enhancement technology for engineering application with nanofluids.