Immunity has a major impact on inflammatory diseases and cancer, and biologics targeting immune cells and their factors reach a quarter trillion of market volume by this year. Adaptive leukocytes have recently been engaged in cancer immunotherapy, whereas modulation of the innate immune cells, specifically macrophages, is expected as next breakthrough. With patents of major biologics expiring, nanomedicine has the potential to substitute therapeutic proteins by using miniaturized macromolecules. This review includes an overview on the involvement of major immune cell types into disease and a summary on selected current therapies based on biologics and small molecules. Novel developments in nanomedicine‐based immunotherapies, including associated chances and risks, are presented.