The rapid progress of molecular imaging (MI) and the application of nanotechnology in medicine have the potential to advance the foundations of diagnosis, treatment, and prevention of diseases. Although MI and biomedical nanotechnology are still in a formative phase in China, much has been achieved over the last decade. This article provides a commentary on the development and current status of nanomedicine in China, with a selective focus on Chinese nanoparticle synthesis technology, the development of imaging equipment, and the preclinical application of novel MI probes.