Many functional materials have been used in oil and gas industries. Special materials were needed for to withstand the high temperature and pressure harsh environment of oil and gas reservoir. Nanotechnologies have the potential to introduce revolutionary changes of materials used in the areas of the oil and gas industries. This paper gives an overview of the nanotechnology application for enhanced oil recovery, fracturing fluids, flow assurance, drilling, completion and specialty composite in the oil and gas industry in the last few years. Applications of nano-materials, in the form of solid composites and functional nanoparticle-fluid in these areas are reviewed. The future challenges of nanotech-based solutions for the petroleum industry are also discussed.