Albumin, as a natural polymer, offers the advantages of non‐toxicity, degradability, and biocompatibility. It is widely used in formulating nanomedicines for cancer treatment. In this review, we introduce the methods and drawbacks of albumin nanoparticles when albumin is utilized as a drug carrier. We summarize the advantages of albumin nanoparticles in cancer treatment, discuss the surface modification of nanoparticles such as gold nanoparticles and magnetic nanoparticles by coating albumin as a functional group, and focus on the new properties of nanoparticles imparted by in vitro prefabrication of protein crowns. Additionally, we elaborate on the application of albumin in cancer vaccines. Finally, the challenges and future trends of albumin‐based nanodrugs in cancer therapy are presented.