Multifunctional superparamagnetic iron oxide nanoparticles (SPIONs) are attracting an increased attention due to their magnetic properties, biocompatibility, and contrast imaging in biomedical applications such as cancer therapy and controlled drug delivery. SPIONs provide controlled release, can be directed toward affected site, track payloads via contrast imaging, heat the effected sites, and trigger the onset of drug release. Even though the concepts of hyperthermia were proposed over a century ago with considerable potential applicability the technique has still not been translated into routine clinical uses. The magnetic fluid hyperthermia (MFH) turned to be the most target specific method for localized remote heating system. MFH can revolutionize tumor treatment, along with radiotherapy or chemotherapy and/or as separate intervention. The precise control of the physico-chemical parameters of SPIONs is important for hyperthermia applications, as heat induced by SPIONs is highly dependent on numerous factors. In this chapter, we review some of the recent technical advances and limitations in the SPIONs engineering for magnetic hyperthermia.