Aging is a complex biological process characterized by a gradual deterioration in physiological activities, contributing to an elevated risk of different age-associated malignancies, including cancer. The current review paper aims to elucidate the complex association between the hallmarks of aging and the parallel development of cancer. Various cellular and molecular mechanisms underlying aging such as senescence, genomic instability, and telomere shortening play a significant role in the accumulation of genetic mutations and disruption in cellular activities. It has also discussed the immune system’s role in aging, indicating how age-linked immune dysfunction compromises the body’s capacity to recognize and eradicate pre-tumorous cells, thus promoting cancer development and advancement. This review also examines how aging affects the tumor microenvironment, where age-related alterations in stromal cells, immune cells, and extracellular matrix factors lead to conditions that promote cancer growth and proliferation. Furthermore, it discusses the concept of “accelerated aging” in cancer survivors, highlighting how the negative effects of cancer and its therapy intensify the aging process, resulting in greater physical and cognitive decline. The review also explores the prospect of new therapies that target aging-related processes to ameliorate cancer outcomes. Overall, it underscores the need for ongoing interdisciplinary research to understand the complex relationship between aging and cancer, ultimately aiming to develop more effective prevention and treatment approaches.