Magnetic hyperthermia therapy (MHT) facilitated by biocompatible magnetic nanoparticles (MNPs) is a novel, efficient, and safe thermo-therapeutic technique for cancer treatment. With the goal of achieving low frequency and low dose agents in therapeutic applications, it is discovered that ferrite-based magnetic nanoparticles can attain hyperthermia temperature at minimum concentrations with low frequency. Numerous synthesis processes, each having its own set of advantages and disadvantages, are routinely used to obtain stable, biocompatible, and monodispersed MNPs which play the significant role in MHT. For applications in MHT, either biocompatible nanoparticles are chosen or suitable coating agent should be used to make MNPs biocompatible. Two significant magnetic relaxation processes i.e ., mechanical (Brownian) and magnetic (Néel) process, evaluate the power generation at the time of hyperthermia therapy. Both the relaxation mechanisms can take place simultaneously, however hydrodynamic volume, magnetic anisotropy energy, and viscosity of the medium will determine which relaxation takes the leading role. Since it is essential to immobilize the nanoparticles in an aqueous suspension, the presence of a nonmagnetic matrix introduces an efficient method for enhancing heating effectiveness by increasing the colloidal stability of MNPs. The presence of dipolar interaction causes nanoparticle agglomeration, but the introduction of a nonmagnetic polymer permits adjustment of the mean separation between MNPs, which can diminish dipolar interaction coupling to stabilize the nanoparticles and prevent further aggregation. Numerous variables, including cell types, magnetic field characteristics, MNP concentration, and surface modification, must be optimized for in vitro or in vivo MHT. Magnetic nanoparticles employed in MHT applications provide a tumor-specific and long-lasting therapeutic effect. Despite significant drawbacks, MHT can be quite effective in the clinical context when administered as an adjuvant therapy in conjunction with radiation or chemotherapy. These results can be used to enhance the antitumor effectiveness of this treatment modality and its future use in conjunction with other adjuvant therapies.