According the protocols devised to curtain the environmental pollution as well as to maintain eco-friendly surroundings and to improve the thermo physical properties of the refrigeration system, it is very important to look for energy efficient and safe refrigerants so as to improve the effect of refrigeration and co-efficient of performance. Nano particles and Nano fluids have grabbed the attention of present scenario with its enhanced properties and its potential applications like high heat transfer rates as well as better thermo physical characteristics. This is a study attempted to bring out some of the important woks done in the field of Nano refrigerants as well as Nano lubricants. This work also encapsules some of the works done using nano particles in the refrigeration system so as to study its effect on the process variables of the refrigeration system. Thus it is evident that Nano refrigerants have great capability of increasing heat transfer rates as well as performances of refrigeration system and has significant effect on other thermo physical properties as well as various other variables pertaining to refrigeration system