RNA interference (RNAi) is one of the most powerful tools for selective silencing of specific aberrant genes for therapeutic management of diseases such as cancer, diabetes, and inflammatory disorders. However, the labile nature of nucleic acid constructs coupled with the difficulty in selectively delivering them to the target tissues, cells, and the intracellular cellular machinery within the cells has been a primary hindrance for the clinical translation of RNAi. Multifunctional nano‐systems provide distinct advantages over other delivery strategies based on their ability to selectively target diseased tissues, such as solid tumors based on passive and active targeting principles. Such nano‐systems can incorporate multiple therapeutic payloads, such as small molecule drugs, small interfering RNAs (siRNAs), and micro RNAs (miRNAs) as well as imaging/contrast agents for simultaneous disease detection, quantifying siRNA/miRNA gene expression/knockdown, examining in vivo fate and sites of localization/excretion, as well as exploring therapeutic potentials in vivo. In this chapter, we have described the principles and mechanisms based on RNA interference phenomenon and the barriers to its successful clinical translation. Furthermore, we have discussed the modes of delivery that have been employed including the advantages of multifunctional polymeric nano‐systems with illustrative examples covering their utility in the management of diseases such as cancer, inflammation, and other chronic diseases.