The heat exchanger, a crucial device in numerous industrial processes, is responsible for transferring heat from a high-temperature fluid to a low-temperature fluid. There is a growing demand to further enhance the efficiency of heat exchangers, explore various methods to increase heat transfer rates, and minimize the size and cost of industrial equipment. This comprehensive review delves into literature related to the different types of double pipe heat exchangers and the myriad factors that impact heat transfer rates and pressure drops. The versatile double pipe heat exchanger finds widespread use across various industries due to its efficiency and reliability. Research studies have proposed several models of double pipe heat exchangers and have explored their applications in industrial processes, cooling technology, refrigeration, sustainable energy, and more. Further classification of double pipe heat exchangers includes parallel, counter, and cross flow configurations. To optimize the effectiveness of double pipe heat exchangers, extensive research has been conducted, exploring methods such as turbulators, inserts, modifications to channel geometry, and innovative fluid injection approaches. This in-depth study presents a thorough overview of the extensive research available on double pipe heat exchangers, with a specific focus on determining the most suitable effectiveness parameters.