Cancer—one of the most life-threatening human diseases—can be treated with surgery, chemotherapy, and radiotherapy. Despite the negative side effects, conventional chemotherapy which contains doxorubicin is widely used in cancer treatment. Drug delivery carriers, an alternative cancer treatment, can be used to target tumor site by vectorizing anti-cancer drug and minimize the drug quantities. Due to unique physical and chemical properties, superparamagnetic iron oxide nanoparticles are researched and documented. This work investigates how magnetic drug delivery carriers are synthesized, how the carriers are characterized and quantified, the mechanisms of drug loading/releasing of the carriers including kinetics and thermodynamic parameters, and the future research topics of magnetic drug delivery carriers for loading and releasing doxorubicin.