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Abstract Magnetic iron oxide nanomaterials are among the most widely studied candidates for cancer nanomedicine, because of not only their great biocompatibility and abundance of raw materials, but also their diverse physicochemical properties and biological effects. Represented by magnetite and maghemite, various iron oxide‐based magnetic nanomaterials have been developed for cancer diagnosis and treatment. This mini review presents an up‐to‐date overview of magnetic iron oxide‐based cancer nanomedicines with an emphasis on bioimaging and therapy.