Nanomedicines are extensively explored for cancer therapy. By delivering drug molecules more efficiently to pathological sites and by attenuating their accumulation in healthy organs and tissues, nanomedicine formulations aim to improve the balance between drug efficacy and toxicity. More than 20 cancer nanomedicines are approved for clinical use, and 100′s of formulations are in (pre)clinical development. Over the years, several key pitfalls have been identified as bottlenecks in nanomedicine tumor targeting and translation. These go beyond materials‐ and production‐related issues, and particularly also encompass biological barriers and pathophysiological heterogeneity. In this manuscript, I describe the most important principles, progress and products in nanomedicine tumor targeting, delineate key current problems and challenges, and discuss the most promising future prospects for cancer nanomedicines.This article is protected by copyright. All rights reserved