Cancer is increasingly being recognized as a global health issue with considerable unmet medical need. Despite the rapid progression of anticancer pharmaceuticals, there are still significant challenges for the effective management of cancer. In many circumstances, cancer cells are difficult to detect and treat. Combination of nanovesicles (NVs) and magnetic nanoparticles (MNPs), referred as magnetic nanovesicles (MNVs), is now well recognized as a potential theranostic option for improving cancer treatment outcomes and reducing adverse effects. MNVs can be used for monitoring the long-term fate and functional benefits of cancer therapy. Moreover, MNV-mediated hyperthermia mechanism has been explored as a potential technique for triggering cancer cell death, and/or controlled release of laden cargo. In this review, we focus on the unique characteristics of MNVs as a promising avenue for targeted drug delivery, diagnosis, and treatments of cancer or tumor. Moreover, we discuss critical considerations related to the issues raised in this area, which will guide future research toward better anti-cancer therapeutics for clinical applications.