Lactate oxidase (LOx) has attracted extensive interest in cancer diagnosis and therapy in recent years owing to its specific catalysis on l‐lactate; its catalytic process consumes oxygen (O2) and generates a large amount of hydrogen peroxide (H2O2) and pyruvate. Given high levels of lactate in tumor tissues and its tight correlation with tumor growth, metastasis, and recurrence, LOx‐based biosensors including H2O2‐based, O2‐based, pH‐sensitive, and electrochemical have been designed for cancer diagnosis, and various LOx‐based cancer therapy strategies including lactate‐depletion‐based metabolic cancer therapy/immunotherapy, hypoxia‐activated chemotherapy, H2O2‐based chemodynamic therapy, and multimodal synergistic cancer therapy have also been developed. In this review, the lactate‐specific catalytic properties of LOx are introduced, and the recent advances on LOx‐instructed cancer diagnostic or therapeutic platforms and corresponding biological applications are summarized. Additionally, the challenges and potential of LOx‐based nanomedicines are highlighted.