Stem cell based therapy has significant potential to treat various diseases including primary and metastatic cancers. The umbilical cord matrix stem cells (UCMSC) derived from human umbilical cord Wharton's jelly (also termed WJMSC) have been shown to exhibit low immunogenicity, which potentially negates immune consequences after cytotherapy. The homing ability of human and rat UCMSC to inflammatory tissues, including cancer tissues, further confers upon these cells the potential for targeted cancer therapy. Our previous studies demonstrated that un-engineered human and rat UCMSC significantly attenuated the growth of multiple cancer cell lines in vivo and in vitro through multiple mechanisms. We have also demonstrated that these cells can be engineered to express cytotoxic cytokines before being delivered to the tumor and can be preloaded with nanoparticle payloads and attenuate tumors after homing to them. In this review, intrinsic stem cell-dependent regulation of cancer growth, potential mechanisms involved in this unique biological function, delivery of exogenous anti-cancer agents, and the potential for clinical applications will be discussed.