In recent years many different nanotechnology platforms have been developed for both diagnostics and cancer therapy. Researchers have been attracted to use lipid-based nanoparticles with particle size approximately 100 nm as a new pharmaceutical delivery system or pharmaceutical formulation that can be assembled from different types of lipid or other chemical components in order to overcome biological barriers. This mini-review highlights the recently published studies in the development of lipid-based nanoparticles as appropriate vehicles in cancer diagnosis and therapy with focus on their chemical structure, formulation recipes, stability, drug encapsulation, and other factors related to their formulation.