Peptide and protein nanostructures with tunable structural features, multifunctionality, biocompatibility and biomolecular recognition capacity enable development of efficient targeted drug delivery tools for precision medicine applications. In this review article, we present various techniques employed for the synthesis and self‐assembly of peptides and proteins into nanostructures. We discuss design strategies utilized to enhance their stability, drug‐loading capacity, and controlled release properties, in addition to the mechanisms by which peptide nanostructures interact with target cells, including receptor‐mediated endocytosis and cell‐penetrating capabilities. We also explore the potential of peptide and protein nanostructures for precision medicine, focusing on applications in personalized therapies and disease‐specific targeting for diagnostics and therapeutics in diseases such as cancer. Peptide nanostructures with tunable structural features, multifunctionality, biocompatibility and biomolecular recognition capacity enable development of targeted drug delivery tools for precision medicine applications. In this review article, we present various techniques employed for the synthesis and self‐assembly of peptides into nanostructures, design strategies utilized to enhance their stability, drug‐loading capacity, and controlled release, and applications in precision medicine.