The reduction in the ease with which oil and gas reservoirs are discovered is a factor propelling the oil and gas technologies to depths that involve very complex and complicated methods of execution and environments. The increasing frequency of deviated, horizontal and multilateral wells, among others, are the evidence of the growing need to be able to efficiently explore more potentially resourceful areas. However, the ability to delve into mentioned prospects does not come posing no difficulty. These more complicated environments and techniques increase the risks already associated with conventional procedures. Therefore, the opportunity to mitigate these risks while meeting the demands and providing equal or even more satisfying results would be a huge step forward. That is where the application of nanotechnology comes in. This stems from the capability of nanomaterials to possess enhanced properties for accomplishing specific tasks as compared to their bulk counterparts, leading to breakthroughs in the evolution of the oil and gas industry. This paper discusses how nanotechnology can be economically used in the oil and gas industry to solve challenges being faced at the various phases in the drilling operation. Also, currently, the selection of cost-efficient methods would be prudent in overcoming the challenges in the field otherwise, the production of oil and gas will be of no use if net returns are not positive. The applications of nanotechnology in these operations are so delicate that, an insufficient addition would render the nanoparticles unable to properly effect the desired changes and an extreme addition would lead to further complications in drilling operations. Many of the review articles available in the literature focus on the usage of nanoparticles in one aspect of the drilling operation, e.g. drilling fluid, while this article focuses on the usage and benefits of nanoparticles in the different aspects of the drilling industry. That is the motive behind the need for a further extensive review of more papers and how they can and should be applied in the drilling industry. Furthermore, more attention needs to be directed towards financial investigation, execution at repository circumstances, cross-connecting and congregation properties, wettability modifications and properties between the surfaces involved. This paper focuses on the various ways in which nanotechnology can help improve various drilling aspects as compared to the conventional methods of accomplishing the same goal.