BACKGROUND AND AIMS: Hematological malignancies, such as leukemia, lymphoma, and multiple myeloma, contribute significantly to global cancer diagnoses. Despite progress in conventional therapies, such as chemotherapy and immunotherapy, these treatments face limitations, including nonspecific targeting, side effects, and drug resistance. The aim of this review is to explore the potential of nanotechnology, particularly nanoparticles (NPs), to improve therapeutic outcomes for these cancers by enhancing drug delivery and reducing toxicity. METHODS: This review examines recent advancements in NP-based therapies, focusing on their application in hematological malignancies. We discuss different types of NPs, including liposomes, polymeric, and inorganic NPs, for their potential in targeted drug delivery. The review also evaluates the current state of clinical trials and highlights challenges in the translation of nanomedicines from preclinical research to clinical practice. RESULTS: Nanoparticles, with their unique properties, offer significant advantages in drug delivery systems, such as enhanced stability, extended circulation time, and targeted tumor delivery. Various NP formulations have shown promise in clinical trials, including liposomal formulations like Vyxeos for acute myeloid leukemia and Marqibo for Ph-negative acute lymphoblastic leukemia. However, challenges in toxicity, regulatory hurdles, and large-scale production still remain. CONCLUSION: Nanomedicine holds transformative potential in the treatment of hematological malignancies, offering more effective and specific therapies compared to conventional treatments. Continued research is necessary to overcome the clinical challenges and maximize the benefits of NP-based therapies for patients with blood cancers.