Hybrid nanofluids, which are created by blending multiple nanoparticles into a base fluid, show great promise as next generation working fluids for improved heat and mass transfer. Synergistic interactions among nanoparticles greatly enhance thermal conductivity, heat transfer, stability, and thermodynamic efficiency in comparison to mono nanofluids. This review discusses some of the recent developments in hybrid nanofluid synthesis and thermophysical characterization as well as applications of hybrid nanofluids in heat exchangers, solar thermal systems, microchannels, refrigeration and industrial cooling applications. Although hybrid nanofluids exhibit a lot of potential, the field of hybrid nanofluids still faces some important challenges that remain to be resolved, such as particle agglomeration, maintenance of stability, viscosity, increased pumping power, and standardized correlations. The review considers several emerging opportunities for hybrid nanofluids, including artificial intelligence to optimize performance, particle that are environmentally friendly, bio-based toners, and smart adaptive nanofluids that have tunable thermal properties. Overall, hybrid nanofluids have the potential to revolutionize the use of nanofluids in thermal systems as long as on-going challenges are addressed through experimental, computational and material-level innovations integrating the aforementioned opportunities and challenges.