From the angle of the discipline of engineering thermophysics, cryopreservation involves typical heat and mass transfer, and thermodynamic processes, e.g., (i) freezing and thawing of both extra and intracellular solutions, (ii) transport of water and cryoprotective agents across cell membranes, and (iii) ice nucleation and the growth of ice crystals in these solutions. To achieve the highest cell survival rate after a freeze–thaw cycle, efforts toward optimization of these processes are indispensable. Recent studies have revealed that the introduction of nanoparticles into cell suspensions may affect the thermal properties of both the extra and intracellular solutions, the nucleation and the growth of ice crystals in them, and the cell membrane permeability, and thus it may be used to change the heat and mass transfer and the thermodynamic processes. Besides, superparamagnetic nanoparticles could be used to further enhance the rewarming efficiency of frozen cell suspensions in the external electromagnetic field usually excited in a single mode cavity. This presentation will highlight recent work on the mode of action by nanoparticles influencing heat transfer of the extra and intracellular solutions, mass transfer across cell membrane, and ice nucleation and the growth of ice crystals during freezing/thawing.