The use of photosensitizers (PSs) in cancer therapy opened new avenues for developing minimally‐invasive treatment of cancer. However, problems related to lack of biocompatibility and tumor targeting of many photosensitizers limited their clinical use for many years. Tailor‐made polymeric nanoparticles can significantly enhance the biocompatibility of the photosensitizers, achieve high cellular internalization and prolonged blood circulation. Further, attachement of the photosensitizer to bifunctional polymeric chains can be used for building novel nano‐constructions such as combination therapy and image‐guided therapy. This review describes the innovations pertaining to polymeric drug delivery systems of laser‐based cancer therapeutics as disclosed in recent literature. Phthalocyanines were considered a model of photosensitizers and photodynamic therapy (PDT) as a model of phototherapy. Interestingly, these models are applicable to other biomedical photoreceptors such as porphyrins, Chlorin e6, gold nanoparticles, quantum dots, carbon dots, etc.