Proteins, like actors, play different roles in specific applications. In the past decade, significant achievements have been made in protein‐engineered biomedicine for cancer therapy. Certain proteins such as human serum albumin, working as carriers for drug/photosensitizer delivery, have entered clinical use due to their long half‐life, biocompatibility, biodegradability, and inherent nonimmunogenicity. Proteins with catalytic abilities are promising as adjuvant agents for other therapeutic modalities or as anticancer drugs themselves. These catalytic proteins are usually defined as enzymes with high biological activity and substrate specificity. However, clinical applications of these kinds of proteins remain rare due to protease‐induced denaturation and weak cellular permeability. Based on the characteristics of different proteins, tailor‐made protein‐based nanosystems could make up for their individual deficiencies. Therefore, elaborately designed protein‐based nanosystems, where proteins serve as drug carriers, adjuvant agents, or therapeutic drugs to make full use of their intrinsic advantages in cancer therapy, are reviewed. Up‐to‐date progress on research in the field of protein‐based nanomedicine is provided.