This review article broadens the definition of "hyperthermia" to include thermotherapy and magnetically modulated controlled drug delivery. It highlights the potential of magnetic nanomaterials (MNs) for hyperthermia-based therapy and controlled drug delivery, emphasizing the advantages of core-shell MNPs over mono-metallic/metal oxide nanoparticles. The review covers the classification of controlled drug delivery through bond breaking (DBB) and enhanced permeability (DEP), and discusses the mechanisms of MNPs-based hyperthermia, including Néel and Brownian relaxation. It also explores the impact of MNPs size, viscosity, magnetic anisotropy, and stabilizing ligands on hyperthermia performance. The article further examines the potential of self-regulated hyperthermia and multifunctionality in MNPs. Additionally, it reviews the application of MNPs for hyperthermia-based controlled drug delivery, including DBB and DEP mechanisms. Finally, the review discusses the advantages of core-shell MNPs in enhancing hyperthermia, providing oxidative stability, and reducing toxicity while increasing biocompatibility. The article concludes by highlighting the potential of core-shell MNPs in personalized medicine and theranostics.This review article broadens the definition of "hyperthermia" to include thermotherapy and magnetically modulated controlled drug delivery. It highlights the potential of magnetic nanomaterials (MNs) for hyperthermia-based therapy and controlled drug delivery, emphasizing the advantages of core-shell MNPs over mono-metallic/metal oxide nanoparticles. The review covers the classification of controlled drug delivery through bond breaking (DBB) and enhanced permeability (DEP), and discusses the mechanisms of MNPs-based hyperthermia, including Néel and Brownian relaxation. It also explores the impact of MNPs size, viscosity, magnetic anisotropy, and stabilizing ligands on hyperthermia performance. The article further examines the potential of self-regulated hyperthermia and multifunctionality in MNPs. Additionally, it reviews the application of MNPs for hyperthermia-based controlled drug delivery, including DBB and DEP mechanisms. Finally, the review discusses the advantages of core-shell MNPs in enhancing hyperthermia, providing oxidative stability, and reducing toxicity while increasing biocompatibility. The article concludes by highlighting the potential of core-shell MNPs in personalized medicine and theranostics.