Now a day’s many types of research are carried out on drug delivery systems for early diagnosis and precise treatment with the primary aim of delivering the drug with maximum therapeutic action, fewer side effects, fast onset of action. Magnetic drug delivery can fulfil this entire requirement. Magnetic drug delivery system is defined as delivery of drug to the targeted tissue with help of magnet which may overcome many problems arises due to conventional drug delivery systems such as reticuloendothelial system clearance(RES clearance) and Target specificity. There have been very few studies on magnetic drug delivery systems, yet they can be quite helpful in treating life-threatening diseases like cancer and have very few side effects.