Magnetic hyperthermia is emerging as a promising alternative to the currently available cancer treatment modalities. Superparamagnetic iron-oxide nanoparticles (SPIONs) are extensively studied functional nanomaterials for biomedical applications, owing to their tunable physio-chemical properties and magnetic properties. Out of various ferrite classes, spinel and inverse-spinel ferrites are widely used but are affected by particle size distribution, particle shape, particle-particle interaction, geometry and crystallinity. Notably, their heating ability makes them suitable candidates for heat-mediated cancer cell ablation or hyperthermia therapy. Exposing SPIONs to an externally applied magnetic field of appropriate frequency and intensity cause them to release heat to ablate cancer cells. Majorly, three heating mechanisms are exhibited by magnetic nanomaterials: Nèel relaxation, Brownian relaxation and hysteresis losses. In SPIONs, Nèel and Brownian relaxations dominate whereas hysteric losses are negligible. These nanomaterials possess high magnetization values capable of generating heat to ablate cancer cells. Furthermore, surface functionalization of these materials imparts the ability to selectively target cancer cells and deliver cargo to the affected area sparing the normal body cells. The surface of nanoparticles can be functionalized with various physical, chemical and biological coatings. Moreover, hyperthermia can be applied in combination with other cancer treatment modalities in order to enhance the efficiency of treatment.