MNPs find numerous important biomedical applications owing to their high biocompatibility and unique magnetic properties at the bottom level. Among several other biomedical applications, MNPs are gaining importance in treating various kinds of cancer either as a hyperthermia agent alone or as a drug/gene carrier for single or combined therapies. At the same time, another type of nano-carrier with lipid bilayer, i.e. liposomes, has also emerged as a platform for administration of pharmaceutical drugs, which sees increasing importance as a drug/gene carrier in cancer therapy due to its excellent biocompatibility, tunable particle size and the possibility for surface modification to overcome biological barriers and to reach targeted sites. MLs that combine MNPs with liposomes are endowed with advantages of both MNPs and liposomes and are gaining importance for cancer therapy in various modes. Hence, we will start by reviewing the synthesis methods of MNPs and MLs, followed by a comprehensive assessment of current strategies to apply MLs for different types of cancer treatments. These will include thermo-chemotherapy using MLs as a triggered releasing agent to deliver drugs/genes, photothermal/ photodynamic therapy and combined imaging and cancer therapy.