Radiomics, a quantitative approach to medical imaging, employs computational methods to extract features from the images, revealing hidden characteristics of specific regions. This emerging field leverages advanced techniques to analyze a spectrum of features from modalities, including computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET) scans, aiming to decode tissue characteristics, disease progression, and treatment responses. The radiomics workflow integrates image acquisition, segmentation, feature selection, and data integration, utilizing advanced techniques such as deep learning, machine learning, and data mining. Radiomics demonstrates considerable potential in cancer detection and management, exhibiting high sensitivity and specificity in distinguishing between benign and malignant tumors and predicting outcomes. However, challenges such as imaging protocol variability, overfitting, and standardization requirements impede its broad clinical adoption. Innovations in multi-modal radiomics, deep learning, and genomics integration strive to mitigate these constraints. This review elucidates radiomics’ capabilities, current applications, benefits, challenges, and future directions in oncology.