Cancer is a group of over one hundred diseases featured by incontinent, uncoordinated cell division occur when primitive reproductive process lost the authority unlike normal cells to produce harmful immature cells in the body. Nanosystem in particular themagnetic nanoparticles (MNPs) have been advanced and explored in recent years with wide use in tumor targeting in oncology to conquer the incontinent growth of proliferating cells. The MNPs are kind of smart, highly functionalized, biocompatible coated nanostructures with intrinsic magnetic properties of magnetic response of assembling and positioning, heat absorption, ferromagnetism and super paramagnetism in vivo at the specific site under the enforced alternating external magnetic field and makes them the most promising tool and design with reduced the probability of resistance that provides theranostics (multimodal and functional) platform for cancer diagnosis (imaging and monitoring), and magnet targeted controlled delivery of therapeutics in cancer therapy. The iron oxide based MNPs like Fe3O4 (magnetite) and γ-Fe2O3 (maghemite) are the widely explored nanostructures because of their lowest toxicity and viable biocompatibility in oncology with wide biomedical application in MRI contrast agent, MDT, MHT, PDT and PTT. This review put light on the various aspects of MNPs including its synthetic routes, biomedical application spectra in cancer investigations such as imaging, diagnosis, magnet drug targeting, genetic medication and tumor thermal ablation therapy with its future perspectives and challenges.