Caused by severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2), coronavirus disease 2019 (COVID‐19) has shown extensive lung manifestations in vulnerable individuals, putting lung imaging and monitoring at the forefront of early detection and treatment. Magnetic particle imaging (MPI) is an imaging modality, which can bring excellent contrast, sensitivity, and signal‐to‐noise ratios to lung imaging for the development of new theranostic approaches for respiratory diseases. Advances in MPI tracers would offer additional improvements and increase the potential for clinical translation of MPI. Here, a high‐performance nanotracer based on shape anisotropy of magnetic nanoparticles is developed and its use in MPI imaging of the lung is demonstrated. Shape anisotropy proves to be a critical parameter for increasing signal intensity and resolution and exceeding those properties of conventional spherical nanoparticles. The 0D nanoparticles exhibit a 2‐fold increase, while the 1D nanorods have a > 5‐fold increase in signal intensity when compared to VivoTrax. Newly designed 1D nanorods displayed high signal intensities and excellent resolution in lung images. A spatiotemporal lung imaging study in mice revealed that this tracer offers new opportunities for monitoring disease and guiding intervention. Magnetic particle imaging (MPI) offers high contrast, sensitivity, and signal‐to‐noise ratios for lung imaging, enhancing theranostic strategies in respiratory disease. Innovations in MPI tracers promise further gains, bolstering clinical applicability. This work introduces a superior nanotracer, leveraging magnetic nanoparticle shape anisotropy, elevating sensitivity and resolution beyond conventional spherical counterparts for lung MPI.