With the increasing energy demand, oil is still an important fuel source worldwide. The chemical flooding process is used in petroleum engineering to increase the recovery of residual oil. As a promising enhanced oil-recovery technology, polymer flooding still faces some challenges in achieving this goal. The stability of a polymer solution is easily affected by the harsh reservoir conditions of high temperature and high salt, and the influence of the external environment such as high salinity, high valence cations, pH value, temperature and its own structure is highlighted. This article also involves the introduction of commonly used nanoparticles, whose unique properties are used to improve the performance of polymers under harsh conditions. The mechanism of nanoparticle improvement on polymer properties is discussed, that is, how the interaction between them improves the viscosity, shear stability, heat-resistance and salt-tolerant performance of the polymer. Nanoparticle-polymer fluids exhibit properties that they cannot exhibit by themselves. The positive effects of nanoparticle-polymer fluids on reducing interfacial tension and improving the wettability of reservoir rock in tertiary oil recovery are introduced, and the stability of nanoparticle-polymer fluid is described. While analyzing and evaluating the research on nanoparticle-polymer fluid, indicating the obstacles and challenges that still exist at this stage, future research work on nanoparticle-polymer fluid is proposed.