Nanotechnology has a profound effect on many areas of scientific research. Having grown exponentially, the focus of nanotechnology has been on therapeutic activity, such as cancer treatment. Lipid-based nanocarriers have attracted increasing scientific and commercial attention in the last few years as alternative carriers for the delivery of anticancer drugs. Lipid-based nanocarriers have played significant roles in the formulation of anticancer drugs to improve therapeutics. Shortcomings frequently encountered with anticancer compounds, such as poor solubility, normal tissue toxicity, poor specificity and stability, as well as the high incidence rate of drug resistance, are expected to be overcome through use of lipid-based nanocarriers. In this review, the advantages and methods of using nanocarriers to improve cancer treatment efficiency will be discussed. In addition, types of lipid-based nanocarriers are presented and hotspots in research are highlighted. It is anticipated that, in the near future, lipid-based nanocarriers will be further improved to deliver cytotoxic anticancer compounds in a more efficient, specific and safe manner.