Nanomedicine refers to the application of nanotechnology in medicine, and endeavors to diagnose, treat, and/or monitor disease on a nanoscale. Cancer nanotechnology is a quickly evolving field of interdisciplinary research that involves the biomedical application of nanoparticles, which are nanoscale devices that are able to overcome biological barriers, specifically recognize a single type of cancer cell, and accumulate preferentially in tumors. Medical applications with nanoparticles are growing, as they have the potential to offer novel methods of noninvasive cancer detection, diagnosis, and treatment. Tumor targeting ligands, such as antibodies, peptides, or small molecules, can be attached to nanoparticles for targeting of tumor antigens and vasculatures with high affinity and specificity. In addition, diagnostic agents (i.e. optical, radiolabels, or magnetic) and chemotherapeutic drugs can be integrated into their design for more efficient imaging and treatment of the tumor with fewer side effects. Recent advances in nanomedicine raise exciting possibilities for future nanoparticle applications in personalized cancer therapy.