As a new type of organic optical nanomaterials, semiconducting polymer nanoparticles (SPNs) have the advantages of good optical characteristics and photostability, low toxicity concerns, and relatively simple preparation processes. Particularly, near-infrared (NIR) absorbing SPNs have shown a great promise in biomedicine. In addition to acting as nanoprobes for molecular imaging, these SPNs can produce local heat and reactive oxygen species with the stimulation of NIR light, allowing photothermal therapy (PTT) and photodynamic therapy (PDT), respectively. Herein, we summarize the recent development of SPN-based nanomedicines for cancer therapy. The rational designs of SPNs for enhanced PTT, PDT, or combinational PTT/PDT to achieve effective ablation of tumor tissues are highlighted. Via loading/conjugating SPNs with other therapeutic elements (such as chemotherapeutic drugs and immunotherapeutic agents), phototherapy-combined chemotherapy or immunotherapy can be realized, which is then discussed. In especial, the constructions of SPN-based nanomedicines for NIR photoactivatable chemotherapy and immunotherapy are introduced with representative examples. Finally, we discuss the current challenges and key concerns of SPNs for their biomedical applications and give an outlook for their future clinical translation. This article is categorized under: Therapeutic Approaches and Drug Discovery > Nanomedicine for Oncologic Disease.