This article examines the potential of bifunctional nanomaterials for the imaging and treatment of cancer. Several nanomaterials possess properties desirable for a cancer therapy and have been the subject of research as anticancer agents. Those that have received the most attention include encapsulated iron oxides, single- and multiwalled carbon nanotubes, gold nanorods and gold nanoshells. This article first considers thermal ablative therapy incancer, focusing on the mechanisms of thermotoxicity and thermoresistance before discussing a number of nanomaterials with applications for cancer treatment. In particular, it evaluates the use of nanomaterials in thermal therapy. It also looks at gold nanoshells and nanorods, taking into account their physical properties, and concludes with an assessment of iron-oxide nanoparticles and future directions for nanomaterials as multifunctional agents for cancer therapy.