Nanotechnology, as a promising technique, has succeeded in overcoming a wide variety of technological impasses in unprecedented ways. Surprisingly, the convergence of nanotechnology and biology has provided a powerful impetus for research in a new area known as nanobiotechnology. In order to realize the potential of nanobiotechnology in the form of different functional agents for biomedical applications, nanoscale particles have been considered a significant class of biomaterials. The perfect concept of simultaneous therapeutic and diagnostic applications have been made feasible on a single so-called "theragnostic" agent by using the special properties of nanoparticles. Magnetic nanoparticles (MNPs) have drawn a lot of interest as a possible theragnostic device. Magnetic nanoparticles have been used as contrast agents in MRI, gene transfection, gene consignment, and to bind cytotoxic drugs for selective drug delivery for the past few years. The magneto-structural properties of the magnetic particle are critical for biotechnological applications. Because of the nanoscale size, the nanoparticle can quickly pass through thin veins and enter the cellular membrane. The particle's ferromagnetic and superparamagnetic properties allow it to be tampered by an external magnetic field and directed to the defined goal. The modified superparamagnetic nanoparticles' surface has hydrophilic functionalized groups that help with drug binding and biocompatibility. The poor retentivity of superparamagnetic nanoparticles when the applied external magnetic field is eliminated is a significant aspect. Furthermore, nanoparticles' capacity to monitor their size ranging from a few nanometres to hundreds of nanometres enables them to be similar to a biological organism of interest. Due to their peculiar properties of being biodegradable and biocompatible, superparamagnetic iron oxide nanoparticles (SPION) have gotten a lot of attention as scaffolds for constructing theragnostic agents. The present study discusses on the potential application of solvothermal synthesized magnetic nanoparticles for stimuli based drug delivery.