Advances in nanotechnology have resulted in the introduction of magnetic fluid hyperthermia (MFH), a promising noninvasive therapeutic localized cancer treatment. Exposure of a fluid of superparamagnetic iron oxide nanoparticles (IONPs) to an alternating magnetic field (AMF) operating at biologically benign conditions leads to heat dissipation within the tumor and ultimate apoptosis and/or necrosis. Despite use in a clinical setting, there are still impediments preventing widespread use of MFH. These include insufficient heat dissipation potency of IONP fluid, inadequate dose or concentration of deposited fluid to the tumor, inhomogeneous distribution of fluid inside the tumor, the lack of control of real‐time monitoring of temperature rises during treatment, and exposure of the patients to X‐ray radiation produced by computed tomography (CT) scans. Accordingly, massive efforts have been put forth to promote the successful clinical adoption of MFH. In this contribution, the technique of MFH is described, including the present state of clinical MFH. The physical mechanisms behind heat dissipation by magnetic nanoparticles (MNPs) that instigate cell death pathways are discussed, as is recent technological progress in the field toward the advancement of MFH. Finally, an outlook on the future considerations required to accelerate the clinical adoption of MFH is presented.