Lignin is a nontoxic and biocompatible biopolymer with many promising characteristics, including a high tensile strength and antioxidant properties. This natural polymer can be processed through several chemical methods and modified into lignin nanomaterials for potential biomedical applications. This review summarizes the latest developments in nanolignin (NL)-based biomaterials for cancer therapy; various NL applications related to cancer therapy are considered, including drug and gene delivery, biosensing, bioimaging, and tissue engineering. The manuscript also outlines the potential use of these materials to improve the therapeutic potency of chemotherapeutic drugs by decreasing their dose and reducing their adverse effects. Due to its high surface area-to-volume ratio and the easy modification of its chemical components, NL could serve as an appropriate matrix for the binding and controlled release of various pharmaceutical agents. Moreover, the challenges in the utilization of NL-based materials for cancer therapy are discussed, along with the prospects of advances in such nanomaterials for medical research applications.