A type of nanoparticle has been developed to simultaneously alleviate tumor hypoxia and enhance the effectiveness of sonodynamic therapy aimed at improving cancer treatment outcomes. Small-sized iron–platinum nanoparticles were prepared using a thermal reduction method, and their particle size and crystal structure were characterized. The ability of these nanoparticles to decompose hydrogen peroxide to produce oxygen and generate singlet oxygen under ultrasound irradiation was further tested. The effect of iron–platinum nanoparticles on inhibition of the proliferation of MCF-7 tumor cells under hypoxic conditions was also evaluated. The prepared iron–platinum nanoparticles effectively decomposed hydrogen peroxide to produce oxygen, reversing the hypoxic environment of tumors. Additionally, they generated singlet oxygen under ultrasound irradiation, which killed tumor cells and inhibited their proliferation. This study successfully developed small-sized iron–platinum nanoparticles that can alleviate tumor hypoxia by decomposing excess hydrogen peroxide in tumor cells to produce oxygen. Under ultrasound irradiation, these nanoparticles generate singlet oxygen, inhibiting tumor growth. The nanoparticles demonstrated good safety and are potentially valuable in enhancing oxygen-enhanced sonodynamic cancer therapy.