Magnetic nanoparticles (MNPs) have attracted significant research interest due to their unique magnetic properties, which differ from their bulk counterparts and enable applications in information technology, environmental protection, and biomedicine. Among these applications, magnetic particle hyperthermia (MPH) has emerged as a promising therapeutic approach for cancer treatment. This review provides a comprehensive analysis of nanomagnetism models used to evaluate the heating potential of MNPs in MPH. Specifically, we examine (i) theoretical approaches for estimating the magnetic properties of nanoparticle systems and (ii) numerical simulation strategies that predict their response to externally applied magnetic fields. Common modeling frameworks typically focus on key magnetic parameters such as total energy, magnetization, anisotropy, and hysteresis loop morphology. However, precise characterization of these properties remains challenging due to their dependence on multiple interrelated factors, including particle size, shape, composition, and interparticle interactions. To address these challenges, this review discusses various analytical and numerical models that aid in the qualitative and quantitative assessment of MNP behavior under alternating magnetic fields. By critically evaluating these methodologies, we aim to enhance the understanding of magnetic field-driven heating mechanisms and contribute to the optimization of MNPs for hyperthermia-based therapeutic applications. Looking forward, the integration of advanced multiphysics simulations, combining magnetization dynamics with biological, thermal, and fluidic environments, is anticipated to revolutionize the predictive accuracy and translational potential of MPH technologies.