The term 'nanomedicine' refers to the use of nanotechnology in the treatment, diagnosis and monitoring of diseases. Magnetic drug targeting is a particularly promising application in this field. The goal of the carrier systems involved is to achieve active enrichment of effective substances in diseased tissue. Numerous nanosystems can be used as carriers, but magnetic iron oxide nanoparticles are particularly important. On the one hand, the particles serve as carriers for the active substance, while on the other hand they can also be visualized using conventional imaging techniques and can therefore be used for 'theranostic' purposes. They can also be used in hyperthermia, another important pillar of nanomedicine. Both procedures are intended to lead to specific forms of treatment, which is of medical and economic relevance in view of the increasing numbers of cancer patients worldwide. This study offers a brief overview of current developments in medical applications for magnetic nanoparticles in cancer therapy.