This review discusses the advancements in nanotheranostics for the management of atherosclerosis, a chronic inflammatory disease that significantly impacts cardiovascular health. The critical limitations of atherosclerosis management include delayed detection, complex assessment of plaque stability, and the lack of effective therapeutic strategies. Iron oxide nanoparticles (IONPs) have emerged as promising candidates for theranostic applications due to their magnetic resonance imaging (MRI) capability and biosafety. The review covers the current state and prospects of IONP-based nanotheranostics, including the development of atherosclerosis, targeting strategies, diagnostic and therapeutic roles of IONPs, and various therapeutic approaches such as chemical, physical, and biological therapy. It also highlights the challenges and future directions in translating these innovative strategies into clinically viable anti-atherosclerosis interventions. The review emphasizes the potential of IONPs as versatile tools in the fight against atherosclerosis, offering new insights into the future of theranostic approaches.This review discusses the advancements in nanotheranostics for the management of atherosclerosis, a chronic inflammatory disease that significantly impacts cardiovascular health. The critical limitations of atherosclerosis management include delayed detection, complex assessment of plaque stability, and the lack of effective therapeutic strategies. Iron oxide nanoparticles (IONPs) have emerged as promising candidates for theranostic applications due to their magnetic resonance imaging (MRI) capability and biosafety. The review covers the current state and prospects of IONP-based nanotheranostics, including the development of atherosclerosis, targeting strategies, diagnostic and therapeutic roles of IONPs, and various therapeutic approaches such as chemical, physical, and biological therapy. It also highlights the challenges and future directions in translating these innovative strategies into clinically viable anti-atherosclerosis interventions. The review emphasizes the potential of IONPs as versatile tools in the fight against atherosclerosis, offering new insights into the future of theranostic approaches.