This review article discusses about the current cancer treatment techniques and the extensive recent research studies done on nanoparticles as carrier systems for the delivery of anticancer drug molecules in cancer treatment. A variety of nanoparticles of different structural and chemical formulations have been tested for their target-specificity and as drug carrier systems. Numerous scientific research works have been performed to test the use of magnetic nanoparticles in the treatment of carcinogenic brain tumour cells and breast cancer cells; colloid gold nanoparticles, liposomes and polymeric micelles as drug delivery systems to target tumour cells and deliver anticarcinogenic drug in a controlled manner. The article also discusses about ceramic nanoparticles and its applications in photodynamic therapy for cancer treatment. The article thus reviews the subject in brief with suitable references to original research articles and review articles discussing the earlier and current research findings about various types of nanoparticles as drug delivery systems in cancer therapy.