Dendritic polymers have attracted a great deal of scientific interest due to their well-defined unique structure and capability to be multifunctionalized. Here we present a comprehensive overview of various dendrimer-based nanomaterials that are currently being investigated for therapeutic delivery and diagnostic applications. Through a critical review of the old and new dendritic designs, we highlight the advantages and disadvantages of these systems and their structure-biological property relationships. This article also focuses on the major challenges facing the clinical translation of these nanomaterials and how these challenges are being (or should be) addressed, which will greatly benefit the overall progress of dendritic materials for theranostics.