This review aims to demonstrate the usability of radiolabeled iron oxide nanoparticles (IONPs) as PET imaging contrast agents and their perspectives in biomedical research and clinical practice. Magnetite and maghemite IONPs are superparamagnetic and released for multiple biomedical uses. Combining these nanoparticles with PET imaging significantly improves diagnostic capacities and treatment outcomes. Chelating agents and direct incorporation during synthesis are two techniques used in radiolabeling of nanoparticles to monitor particles in vivo. The review covers the background information on PET imaging, the opportunities provided by IONPs, and possible difficulties when using them. With new advancements in bimodal IONP templates, it is possible to use MRI and PET simultaneously for single-cell resolution imaging. The prospects centre on improving IONP safety and efficiency, utilizing nanomaterials with the 52Mn label, and applying IONPs in multimodal imaging. Copper-64 has also emerged as applicable in nuclear medicine, particularly in cancer diagnosis, using the copper-64 as a radiolabeling agent. These new generation automobiles of radiolabeled IONPs for PET imaging are a significant advancement to molecular and cellular imaging with possible enhancements in diagnostic precision and elements of precision medicine.