In this article, the recent applications of different types of magnetic nanoparticles such as α-FeO (hematite), γ-FeO (maghemite), FeO (magnetite), hexagonal (MFeO), garnet (MFeO) and spinel (MFeO), where M represents one or more bivalent transition metals (Mn, Fe, Co, Ni, Ba, Sr, Cu, and Zn), and different materials for coating the surface of magnetic nanoparticles like poly lactic acid (PLA), doxorubicin hydrophobic (DOX-HCL), paclitaxel (PTX), EPPT-FITC, oleic acid, tannin, 3-Aminopropyltriethoxysilane (APTES), multi-wall carbon nanotubes (CNTs), polyethylenimine (PEI) and polyarabic acid in drug delivery, biomedicine and treatment of cancer, specially chemotherapy, are reviewed. MNPs possess large surface area to volume ratios because of their nano-size, low surface charge at physiological pH and they aggregate easily in solution due to their essential magnetic nature. These materials are widely used in biology and medicine in many cases. One targeted delivery technique that has gained prominence in recent years is the use of magnetic nanoparticles. In these systems, therapeutic compounds are attached to biocompatible magnetic nanoparticles and magnetic fields generated outside the body are focused on specific targets in vivo. The fields capture the particle complex, resulting in enhanced delivery to the target site. Also, the application of brand new supermagnetic nanoparticles, like Ba,SrFeO, is considered and studied in this paper.