Despite considerable progress in patient care, the global incidence of various cancer types continues to rise. Developing safer and more efficient anti-cancer treatment approaches are of great interest. In recent decades, nanotechnology has emerged as a promising and innovative medical approach for cancer diagnosis and treatment. However, as nanomedicine for cancer advances, it is important to understand and address challenges. Herein, we identify gaps in the current understanding of the effectiveness of nanomedicine on clinical outcomes and provide an outlook for the improved application of nanotechnology in medicine. We discuss the use of different types of nanoparticles for cancer diagnosis and therapy and the impact of the use of nanoparticles on the efficiency of existing anti-cancer treatments, such as chemotherapeutic, anti-angiogenic, immunotherapeutic drugs, and radiotherapy. Additionally, an update on the current status of clinical trials for nanoparticle-based treatments is provided.<p></p>