The article reviews the development and potential of theranostic nanoparticles (TNP), which combine therapeutic and diagnostic functions. TNP are designed to monitor and treat diseases simultaneously, offering advantages such as rapid assessment and personalized treatment. The review covers various types of nanoparticles, including drug conjugates, dendrimers, vesicles, micelles, core-shell particles, microbubbles, and carbon nanotubes. Each type is discussed in terms of its structure, functionality, and potential applications in molecular imaging and drug delivery. The article also highlights the challenges in developing TNP, such as toxicity, stability, production costs, and intellectual property control. The development of effective TNP requires balancing imaging sensitivity, targeting accuracy, and controlled drug release. The review concludes by emphasizing the potential of TNP to revolutionize medical diagnostics and therapeutics, but also underscores the need to address safety and complexity issues before clinical translation.The article reviews the development and potential of theranostic nanoparticles (TNP), which combine therapeutic and diagnostic functions. TNP are designed to monitor and treat diseases simultaneously, offering advantages such as rapid assessment and personalized treatment. The review covers various types of nanoparticles, including drug conjugates, dendrimers, vesicles, micelles, core-shell particles, microbubbles, and carbon nanotubes. Each type is discussed in terms of its structure, functionality, and potential applications in molecular imaging and drug delivery. The article also highlights the challenges in developing TNP, such as toxicity, stability, production costs, and intellectual property control. The development of effective TNP requires balancing imaging sensitivity, targeting accuracy, and controlled drug release. The review concludes by emphasizing the potential of TNP to revolutionize medical diagnostics and therapeutics, but also underscores the need to address safety and complexity issues before clinical translation.