Cancer continues to be a prominent fatal health issue worldwide, driving the urgent need for more effective treatment strategies. The pressing demand has sparked significant interest in the development of advanced drug delivery systems for chemotherapeutics. The advent of nanotechnology offers a groundbreaking approach, presenting a promising pathway to revolutionize cancer treatment and improve patient outcomes. Nanomedicine-based drug delivery systems have demonstrated the capability of improving the pharmacokinetic properties and accumulation of chemotherapeutic agents in cancer sites while minimizing the adverse side effects. Despite these advantages, most NDDSs exhibit only limited improvement in cancer treatment during clinical trials. The recent development of magnetic nanoparticles (MNPs) for biomedical applications has revealed a potential opportunity to further enhance the performance of NDDSs. The magnetic properties of MNPs can be utilized to increase the targeting capabilities of NDDSs, improve the controlled release of chemotherapeutic agents, and weaken the chemoresistance of tumors with magnetic hyperthermia. In this review, we will explore recent advancements in research for NDDSs for oncology applications, how MNPs and their properties can augment the capabilities of NDDSs when complexed with them and emphasize the challenges and safety concerns of incorporating these systems into cancer treatment.