Super Para-magnetic Iron Oxide Nanoparticles (SPIONs) have been manifested for their broad spectrum of applications ranging from biomedical imaging to the treatment of many diseases. Many experiments are being conducted across the globe to especially investigate their potential in the field of targeted treatment for malignant tissues. However, challenges pertaining to the desired delivery of anticancer drugs in the body remain unresolved or unattended. The bare iron oxide nanoparticles are liable to form agglomerates or get easily oxidized in the air which can lead to loss of their magnetism and viability. Moreover, in several reactions, these magnetic nanoparticles leach into the solution/ suspension, making it kinetically unstable. The nanoparticles, further readily metabolize in the stomach pH or are phagocytosed by macrophages. In this article, we address these issues by shedding light on the impact of controlling parameters like size, synthesis method, and surface engineering. After studying the existing literature, it is noted that currently, these magnetically guided delivery systems are being rigorously tested in areas like pancreatic cancer, colon cancer, and prostate cancer, which will be discussed in this review. The fact that the major issue in the conventional treatment of these cancers is intrinsic and acquired drug resistance is a key issue. In this context, the potential of SPIONs as efficient nanotherapeutics is presented. The article provides a deeper insight into the research conducted on these focused areas in cancer. This review also discusses, in brief, the consolidation of artificial intelligence in cancer nanomedicine assuring a better treatment outcome in near future.