During the last decade, peptide‐based nanomaterials are recognized as upcoming biomedical materials for tumor imaging and therapy. The rapid expansion of peptides and peptide derivatives is almost owing to their excellent biocompatibility, diverse bioactivity, potential biodegradability, specific biological recognition ability, and easy chemical modification characteristic. The present review outlines the development up to now concerning the design and biomedical applications of peptide‐based multifunctional nanomaterials, with an emphasis on their variegated therapeutic methods.