Nanotechnology -the science and engineering of manipulating matter at the molecular scale to create devices with novel chemical, physical and biological properties -has the potential to radically change oncology. Research sponsored by the NCI Alliance for Nanotechnology in Cancer has led to the development of nanomaterials as platforms of increasing complexity and devices of superior sensitivity, speed and multiplexing capability. Input from clinicians has guided researchers in the design of technologies to address specific needs in the areas of cancer therapy and therapeutic monitoring, in vivo imaging, and in vitro diagnostics. The promising output from the Alliance has led to many new companies being founded to commercialize their nanomedical product line. Furthermore, several of these technologies, which are discussed in this paper, have advanced to clinically testing.