The number of cancer patients is rapidly increasing worldwide. Among the leading causes of human death, cancer can be regarded as one of the major threats to humans. Although many new cancer treatment procedures such as chemotherapy, radiotherapy, and surgical methods are nowadays being developed and used for testing purposes, results show limited efficiency and high toxicity, even if they have the potential to damage cancer cells in the process. In contrast, magnetic hyperthermia is a field that originated from the use of magnetic nanomaterials, which, due to their magnetic properties and other characteristics, are used in many clinical trials as one of the solutions for cancer treatment. Magnetic nanomaterials can increase the temperature of nanoparticles located in tumor tissue by applying an alternating magnetic field. A very simple, inexpensive, and environmentally friendly method is the fabrication of various types of functional nanostructures by adding magnetic additives to the spinning solution in the electrospinning process, which can overcome the limitations of this challenging treatment process. Here, we review recently developed electrospun magnetic nanofiber mats and magnetic nanomaterials that support magnetic hyperthermia therapy, targeted drug delivery, diagnostic and therapeutic tools, and techniques for cancer treatment.