Heat exchangers constitute the most important components of many industrial processes with a wide range of engineering applications. Numerous research works are going on to enhance thermal performance of the heat exchangers by adopting different heat transfer enhancement techniques with additional requirements of energy saving, size reduction and minimal operation cost. These methods may be active methods, which require an external power or passive methods, which employ special surface geometries or additives to the fluids. To overcome the disadvantages and to improve quantity of productivity per time, straight tube or helical tube can be inserted in double tube heat exchangers termed as triple fluid heat exchanger or triple concentric tube heat exchanger. TFHE is one of the examples of such heat exchangers, where a straight tube is inserted between two concentric straight tubes with several applications found in aerospace, petrochemical, food processing industries, purification and liquefactions of hydrogen, air separation systems etc. In this review article, flow configurations, arrangements of tubes, using phase change materials and enhancement of effectiveness of the three fluid heat exchanger has been discussed.