Theranostic nanoparticles have the potential to revolutionize cancer diagnosis and therapy. Many groups have demonstrated differential levels of tumor growth between tumors treated by targeted or untargeted nanoparticles; however, only few have shown in vivo efficacy in both therapeutic and diagnostic approach. Herein, we first develop and characterize dual-paclitaxel (PTX)/superparamagnetic iron oxide (SPIO)-loaded PLGA-based nanoparticles grafted with the RGD peptide, for a theranostic purpose. Second, we compare in vivo different strategies in terms of targeting capabilities: (1) passive targeting via the EPR effect, (2) active targeting of α v β 3 integrin via RGD grafting, (3) magnetic guidance via a magnet placed on the tumor, and (4) the combination of the magnetic guidance and the active targeting of α v β 3 integrin. In this chapter, we present the general flowchart applied for this project: (1) the polymer and SPIO synthesis, (2) the physicochemical characterization of the nanoparticles, (3) the magnetic properties of the nanoparticles, and (4) the in vivo evaluation of the nanoparticles for their therapeutic and diagnosis purposes. We employ the electron spin resonance spectroscopy and magnetic resonance imaging to both quantify and visualize the accumulation of theranostic nanoparticles into the tumors.