Traditional cancer therapeutics are limited by factors such as multi-drug resistance and a plethora of adverse effect. These limitations need to be overcome for the progression of cancer treatment. In order to overcome these limitations, multifunctional nanosystems have recently been introduced into the market. The employment of multifunctional nanosystems provide for the enhancement of treatment efficacy and therapeutic effect as well as a decrease in drug toxicity. However, in addition to these effects, magnetic nanowires bring specific advantages over traditional nanoparticles in multifunctional systems in terms of the formulation and application into a therapeutic system. The most significant of which is its larger surface area, larger net magnetic moment compared to nanoparticles, and interaction under a magnetic field. This results in magnetic nanowires producing a greater drug delivery and therapeutic platform with specific regard to magnetic drug targeting, magnetic hyperthermia, and magnetic actuation. This, in turn, increases the potential of magnetic nanowires for decreasing adverse effects and improving patient therapeutic outcomes. This review focuses on the design, fabrication, and future potential of multifunctional magnetic nanowire systems with the emphasis on improving patient chemotherapeutic outcomes.