Targeted drug delivery with controlled rate is vital for therapeutic purpose especially for cancer therapy. Advanced biomaterials with the aid of nanotechnology have evolved as efficient drug delivery systems (DDS), providing a multi-functional platform for simultaneous therapeutic and diagnostic (theranostic) functions. This review discusses current advances in synthesis and applications of inorganic materials such as quantum dots, carbon nanotubes and graphene oxides for drug delivery. The strategies of surface-functionalization of these inorganic materials to render them biocompatible are also reviewed. The advantages and applications of these biomaterials as multi-functional moiety for bio-imaging, drug targeting and delivery have been discussed. The review concludes with discussion on challenges that limits the practical applications of some materials as a drug carrier for therapeutic use. These issues remain to be fully addressed for their maximum utilization for biomedical applications.