Multifunctional magnetic nanoagents (MMNs) have drawn increasing attention in cancer precision therapy, attributed to their good biocompatibility and the potential applications for multimodal imaging and multidisciplinary therapy. The noble metal or isotopes contained in MMNs could not only perform superparamagnetism, providing an outstanding magnetic targeting property for drug delivery, but also endow the MMNs with a magnetocaloric effect, photothermal performance, and radiotherapy sensitization, arriving at a multimode combination therapy for cancer. Also, the composite component can endow MMNs with various imaging performance, such as magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), and single-photon emission computed tomography (SPECT), thereby achieving accurate image-guided therapy for cancer. However, the joint function of MMNs is closely correlated with their functional nanocomponents and nanostructures. In this article, we will systematically discuss the design, synthesis, and structure optimization of MMNs, as well as their potential in multimodal diagnosis and therapy, scientifically providing an integrated diagnosis and treatment of nanomedicine for the future cancer therapy.