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The present review paper aims to document the latest developments on the applications of nanofluids as working fluid in parabolic trough collectors (PTCs). The influence of many factors such as nanoparticles and base fluid type as well as volume fraction and size of nanoparticles on the performance of PTCs has been investigated. The reviewed studies were mainly categorized into three different types of experimental, modeling (semi-analytical), and computational fluid dynamics (CFD). The main focus was to evaluate the effect of nanofluids on thermal efficiency, entropy generation, heat transfer coefficient enhancement, as well as pressure drop in PTCs. It was revealed that nanofluids not only enhance (in most of the cases) the thermal efficiency, convection heat transfer coefficient, and exergy efficiency of the system but also can decrease the entropy generation of the system. The only drawback in application of nanofluids in PTCs was found to be pressure drop increase that can be controlled by optimization in nanoparticles volume fraction and mass flow rate.