Nanoconfined fluids (NCFs), which are confined in nanospaces, exhibit distinctive nanoscale effects, including surface effects, small-size effects, quantum effects, and others. The continuous medium hypothesis in fluid mechanics is not valid in this context because of the comparable characteristic length of spaces and molecular mean free path, and accordingly, the classical continuum theories developed for the bulk fluids usually cannot describe the mass and energy transport of NCFs. In this Perspective, we summarize the nanoscale effects on the thermodynamics, mass transport, flow dynamics, heat transfer, phase change, and energy transport of NCFs and highlight the related representative works. The applications of NCFs in the fields of membrane separation, oil and gas production, energy harvesting and storage, and biological engineering are especially indicated. Currently, the theoretical description framework of NCFs is still missing, and it is expected that this framework can be established by adopting the classical continuum theories with the consideration of nanoscale effects.