The theranostic potential of several nanostructures has been discussed in the context of photothermal therapies and imaging. In the last several decades, the burden of cancer has grown rapidly, making the need for new theranostic approaches vital. Lasers have emerged as promising tools in cancer treatment, especially with the advent of photothermal therapies wherein light absorbing dyes or plasmonic gold nanoparticles are used to generate heat and achieve tumor damage. Recently, photoabsorbing nanostructures have materialized that can be employed in conjunction with lasers in the near-infrared region in order to enhance both imaging and photothermal effects. The incorporation of tunable nanostructures has resulted in improved specificity in cancer treatment. Silica-cored gold nanoshells and gold nanorods currently serve as the chief plasmonic structures for photothermal therapy. Although gold nanorods and silica-cored gold nanoshells have shown promise as therapeutic agents, over the past few years new nanostructures have emerged that offer comparable and even superior theranostic properties. In the present review, several theranostic agents and their impact on the development of more effective photothermal therapies for the treatment of cancer are discussed. These agents include hollow gold nanoshells, gold gold-sulfide nanoparticles, gold nanocages, carbon and titanium nanotubes, photothermal-based nanobubbles, polymeric nanoparticles and copper-based nanocrystals.