Exposure to cryogenic liquids can significantly impact the petrophysical properties of rock, affecting its density, porosity, permeability, and elastic properties. These effects can have important implications for various applications, including oil and gas production and carbon sequestration. Cryogenic liquid fracturing is a promising alternative to traditional hydraulic fracturing for exploiting unconventional oil and gas resources and geothermal energy. This technology offers several advantages over traditional hydraulic fracturing, including reduced water consumption, reduced formation damage, and a reduced risk of flow-back fluid contamination. In this study, an updated review of recent studies demonstrates how the thermal shock caused by the cryogenic liquid during the fracturing process substantially affects the rock's physical properties. Additionally, changes in permeability, porosity, and pore structure brought about by cryogenic treatments are highlighted. This work aims to draw attention to the studies that deal with the effect of thermal shock on rock petrophysical properties and establish the ideal conditions for employing cryogenic liquids in these contexts. Simulation studies, laboratory trials, and field application cases have been undertaken to assess the efficacy of cryogenic liquid fracturing technology. These investigations have provided important insights into the physical and mechanical impacts of thermal shock on rock and the performance of cryogenic liquid fracturing in real-world situations.