In recent years, nanomaterials have been extensively studied in the fields of biomedicine, electronic energy storage, and protective coatings due to their attractive physical and chemical properties. As the demand for petroleum resources continues to increase and the difficulty of exploitation increases, petroleum exploration and enhanced oil recovery technologies require continuous innovation to meet the future demand for hydrocarbon fuels. Combining functionalized nanomaterials with enhanced oil recovery technology can improve the rheological properties of the displacing agents, change the wettability of reservoir rocks, reduce the oil-water interfacial tension, and improve the fluidity of crude oil. This can further improve oil recovery and provide new technical means for effective and sustainable development of oil fields. This article first summarizes several types of nanomaterials that are currently used in the field of enhanced oil recovery; then, summarizes the mechanism of nanomaterials in enhanced oil recovery. Finally, the problems of nanomaterials in enhanced oil recovery technology are discussed, and their development trends are prospected.