The accumulated knowledge of nanoparticle (NP) synthesis for the last 30 years has enabled the development of functional NPs for biomedical applications. Especially, NPs with multifunctional capabilities are gaining popularity as the demand for versatile and efficient NP agents increases. Various combinations of functional materials are integrated to form multicomponent NPs with designed size, structure, and multifunctionality. Their use as diagnostic and/or therapeutic tools is demonstrated, suggesting their application potentials in healthcare and medical practice. Here, the recent achievements in the synthesis and biomedical applications of multifunctional NPs are summarized. Starting with a brief overview regarding the advances in NP synthesis and accompanying progress in nanobiotechnology, various components to construct the multifunctional NP agents, which include polymers and mesoporous, magnetic, catalytic, and semiconducting NPs, are discussed together with their overall integration forms, such as NP assembly, hollow/porous structures, or hybrid/doped systems. Following the explanation of the features that multifunctional NP agents can offer, an outlook and a brief comment regarding the future research directions are provided.