Researchers and engineers are actively working on enhancing the efficiency of heat exchangers in engineering applications by developing novel designs, exploring new materials, and utilizing nanofluids. Three kinds of nanofluids with varying concentrations are investigated in this paper. The objective is to assess the performance of N‐shaped double‐pipe heat exchanger used in thermoelectric power plants. The performance has been evaluated using COMSOL Multiphysics software. The findings show that higher nanofluid concentrations resulted in elevated heat transfer coefficients and improved efficiency of N‐shape double pipe heat exchanger. The analysis revealed that a mere 1% rise in the volume fraction of nanofluids enhanced the efficiency of the heat exchanger on average 23% when compared to the base fluid (water). In comparison to the N‐shape double pipe (Inconel 625) heat exchangers, the N‐shape double pipe (copper) heat exchangers appear to be more efficient. The introduction of nanoparticles has a notable impact on the heat transfer coefficients. Specifically, within an N‐shaped double pipe (copper) heat exchanger, the inclusion of a 1% volume fraction results in a 2.09% enhancement in the heat transfer coefficient for Al2O3/water, a 1.3% improvement for Fe3O4/water, and a 1.15% increase for TiO2/water. It also exposed that adding 1% Al2O3/water led to a significant 0.623% increase in effectiveness, while TiO2/water showed a 0.259% rise, and Fe3O4/water exhibited a 0.375% improvement. Moreover, increasing the Reynolds number enhances the Nusselt number for Al2O3/water and Fe3O4/water nanofluids by 55.22%, and for TiO2/water by 54.60% at a 6% volume concentration, leading to additional increases in exchanger efficiency. Therefore, the augmentation in nanofluid concentration leads to a reduction in the temperature pinch points both at the intake and outflow. This observation suggests that nanofluids exhibit a superior ability compared to conventional fluids when it comes to effectively lowering temperatures. [ABSTRACT FROM AUTHOR]