Over the last decade, researchers have focused on developing an ideal cancer nanomedicine with robust biointerfacing, precise tumor targeting, and effective tumor killing ability. While synthetic approaches have been widely investigated, cell membrane nanotechnology has been attracting growing interest in the nanomedicine field since it enables researchers to exploit the various functions of cells. Prior to development of cell membrane nanotechnology, synthetic cell membrane‐like structures had been employed in nanomedicine. In this review, first a brief comparison between cell membrane and cell membrane‐like structures is provided and the generalized structure and functions of cell membrane are summarized. Cell membrane extraction methods and cell membrane‐based nanoparticle synthesis methods are explained. In addition, applications of these nanotechnologies in many biomedical applications are reviewed. Finally, a perspective of the future prospects and limitations of cell membrane nanotechnology is given. As with many new technologies, there are issues, which when overcome, can allow the potential of cell membrane nanotechnology for future personalized cancer nanomedicine.