Nanosponges are unique sponge‐like carrier systems with numerous cavities and a mesh‐like network throughout their surface. They are categorized into three types based on the material of construction, i.e., polymer‐, inorganic‐, and bio‐derived material‐based nanosponges. Unlike conventional nanoparticles, nanosponges bear countless interconnected voids and mesh‐like network that enables maximum drug, imaging probe, or photosensitizer loading via absorption, encapsulation, conjugation, or complexion. The voids can be further sealed using suitable lipids or polymers to avoid leakage of drugs at the non‐target site, protect therapeutics from biological conditions, and control the release of therapeutics for a prolonged period. Recently, nanosponges have grasped the attention of researchers in the area of cancer by overcoming the drawbacks associated with the conventional delivery of immunotherapeutic, targeted therapeutic, and chemotherapeutic agents. Interestingly, several reports have also witnessed their potential in cancer theranostics. Owing to this supremacy, nanosponges could be an apt platform for cancer therapy and diagnosis. The current review discusses the general aspects, types, and preparation methods of nanosponges. In addition, the ambit of nanosponges in treating different types of cancer is meticulously discussed, along with detailed descriptions of their corresponding patents. Furthermore, the role of nanosponges in phototherapy and cancer theranostics are selectively canvassed.