This review explores the potential of nanotechnology in revolutionizing the treatment of multiple myeloma (MM), a hematological malignancy characterized by the clonal proliferation of plasma cells in the bone marrow. Nanotechnology, particularly nanoparticle-based drug delivery systems, nanoscale imaging techniques, and nano-immunotherapy, offers enhanced drug targeting, reduced systemic toxicity, and improved therapeutic efficacy. Liposomes, polymeric nanoparticles, and inorganic nanoparticles are discussed for their use in delivering chemotherapeutic agents, siRNA, and miRNA. Nanoscale imaging techniques provide spatial multi-omic data, aiding in the development of highly targeted therapies. Nano-immunotherapy modulates the immune system to enhance the body's response against myeloma cells. Despite the promising results, challenges such as safety, efficacy, and the need for further clinical trials remain. Future research should focus on personalized nanomedicine approaches to tailor treatments to individual patients based on their genetic and molecular profiles.This review explores the potential of nanotechnology in revolutionizing the treatment of multiple myeloma (MM), a hematological malignancy characterized by the clonal proliferation of plasma cells in the bone marrow. Nanotechnology, particularly nanoparticle-based drug delivery systems, nanoscale imaging techniques, and nano-immunotherapy, offers enhanced drug targeting, reduced systemic toxicity, and improved therapeutic efficacy. Liposomes, polymeric nanoparticles, and inorganic nanoparticles are discussed for their use in delivering chemotherapeutic agents, siRNA, and miRNA. Nanoscale imaging techniques provide spatial multi-omic data, aiding in the development of highly targeted therapies. Nano-immunotherapy modulates the immune system to enhance the body's response against myeloma cells. Despite the promising results, challenges such as safety, efficacy, and the need for further clinical trials remain. Future research should focus on personalized nanomedicine approaches to tailor treatments to individual patients based on their genetic and molecular profiles.