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Cancer is amongst the foremost causes of death worldwide, and the field of nanotechnology presents promising prospects in terms of diagnostic and therapeutic approaches. Theranostics are nanoparticles (NPs) that possess the ability to combine therapeutic and diagnostic capabilities into a single agent. Nonetheless, the synthesis, characterization, and delivery of NPs for theranostics against cancer present obstacles. By providing swift, responsive, and economical platforms for cancer detection and treatment, microfluidic systems based on nanomaterials can overcome these obstacles. A synopsis of recent developments in microfluidic-assisted theranostic nanosystems for the treatment of various malignancies is provided in this mini-review. In addition to microfluidic system-based cancer sensing methods (optical, electrochemical, mechanical, and thermal), efficacious treatment approaches (gene therapy, drug delivery, sonodynamic therapy, etc.) are examined. Further, the potential and limitations of this innovative technique are analyzed, and its potential clinical applications in the future are proposed.