Magnetic nanoparticles have become increasingly important for magnetically assisted medication delivery, MRI, tissue repair, gene therapy, and hyperthermia. The morphological structures of magnetic materials have received a great deal of attention due to their unique surface chemistry, non-toxicity, biocompatibility, and application to various scientific applications, especially due to their inductive magnetic moments. This article assessed major experimental approaches from current research, also their potential benefits and drawbacks in terms of medical implementation in the future. This study is growing in importance as it assists to the invention of novel cancer treatments.