Cancer is regarded as the second leading cause of death globally. Over the past years, the growing prevalence of cancer has highlighted the need for innovative strategies to improve patient survival and enhance therapeutic effectiveness. In recent years, several novel approaches have emerged to improve cancer treatment with techniques including immunotherapy, targeted therapies, gene therapy, and nanotechnology. In this regard, nanotechnology has demonstrated potential in the field of medicine, especially in drug delivery, by allowing for the design and alteration of materials at the atomic and molecular levels. Nanoparticle-based therapies enhance the therapeutic efficacy of the drugs and reduce adverse effects by improving their distribution and bioavailability. Nanoparticles enhance drug retention in neoplasms, penetrate biological barriers, and enable more sophisticated targeted drug delivery. Among different types of nanoparticles, phospholipid–based nanoparticles are considered with the highest promise for biomedical uses. Phospholipid molecules are amphiphilic, which leads to possess both hydrophobic and hydrophilic regions. They are also a prominent part of cell membranes. Thus, the utilization of phospholipid nanoparticles enhances drug stability, prolongs circulation time, and enables controlled drug release. Phospholipid–based nanoparticles can be produced through variable methods that lead to various properties. However, challenges such as toxicity, changing features in the biological environment, and corona formation can disrupt the function of phospholipid–coated nanoparticles. Therefore, further research and exploration of phospholipid–coated nanoparticles can help access more precise, efficient, and patient-friendly cancer therapies.