Cancer is a driving reason of death globally. Although various treatments have been developed to decrease deaths, chronic pain, and enhance life quality, there is still a gap in the effectiveness of cancer therapy. Early diagnosis of cancer cells and drug delivery with high specificity to avoid toxicities are two critical stages toward assuring optimal cancer therapy outcomes. Owing to the elevated systemic toxicity and refractoriness with traditional cancer diagnostic as well as therapy instruments, alternative approaches, such as nanotechnology, are being utilized to enhance diagnosis and reduce the severity of the disease. Carbon nanotubes, polymeric micelles, and liposomes are examples of nanomaterials that have been employed in the development of cancer drugs, which have demonstrated significant pharmacodynamic and pharmacokinetic advantages in the detection and treatment of cancer. In this chapter, we present an overview of the frequently found nanotechnology that is employed for both cancer detection and therapy. Based on the properties of the nanomaterials, we focused on these nanomaterials’ applicability for cancer management.