Honokiol, a polyphenol derived from the Magnolia plant, has demonstrated significant anticancer potential in various cancer models. However, the translation to clinical applications of honokiol is limited due to its low bioavailability, hydrophobicity, and rapid degradation. Thus, nano-formulation approaches have emerged as effective strategies to overcome such limitations and may improve the therapeutic potential of honokiol. In this review, we have highlighted the in vitro and in vivo studies conducted to evaluate the anticancer potential of honokiol in lung, kidney, breast, colon, prostate, brain and thyroid cancer models. Furthermore, we have provided a comprehensive summary of the various nanocarriers that have been utilized for the delivery of honokiol to enhance its therapeutic efficacy. These nanocarriers include liposomes, polymeric nanoparticles, solid lipid nanoparticles, micelles, nanoemulsions, and dendrimers. We have discussed the formulation strategies employed, such as thin-film hydration, solvent evaporation, and self-assembly techniques. Additionally, we have also discussed the benefits of nanocarrier-based delivery systems that can improve the bioavailability, cellular uptake, and therapeutic efficacy of honokiol, leading to enhanced anticancer activity and reduced toxicity. Overall, this review highlights significant advancements in NDDS for honokiol delivery and offers valuable insights into their potential for effective cancer therapy.