Cancer is one of the deadliest diseases worldwide and has been responsible for millions of deaths. Cancer diagnosis and therapies include various stages such as tumor imaging, cell labeling, drug delivery, gene delivery, hyperthermia, etc. Different regulatory agencies have approved various drugs for the treatment of cancer. However, the efficiency, efficacy, and bioavailability always remain a concern for their effectiveness. Strategies were developed to improve the effectiveness of therapeutic agents and also to minimize their possible side effects. However, their successful application has some drawbacks such as the low efficacy, stability, and biocompatibility. Presently, superparamagnetic iron oxide nanoparticles (SPIONs) are used in the different field of biomedical research to explore the possible future use in cancer theranostics. Initially, SPIONs showed some limitations; however, later with comprehensive research, the scientist made them stable and more biocompatible through surface modification. The stability and biocompatibility attracted the scientists to use them in different biomedical fields including cancer therapy. Presently, SPIONs are used in both diagnostic and therapeutic purpose to fight against cancer. However, some limitations still exist and warrant further extensive research. In this mini-review, we discuss the different aspects of magnetic nanoparticles especially coated SPIONs for their use in cancer therapy.