Nanomagnetically labeled immunoassays have been demonstrated to be promisingly applied in clinical diagnosis. In this work, by using antibody-functionalized magnetic nanoparticles and a high-temperature superconducting quantum interference device ac magnetosusceptometer, the assay properties for vascular endothelial growth factor (VEGF) in serum are investigated. By utilizing the assay method so-called immunomagnetic reduction, the properties of assaying VEGF are explored. In addition, the VEGF concentrations in serum samples of normal people and patients with either colorectal or hepatocellular cancer are detected. The experimental results show that the low-detection limit for assaying VEGF is 10 pg/mL, which is much lower than the clinical cut-off VEGF concentration of 50 pg/mL for diagnosing malignancy. Besides, there are no significant interference effects on assaying VEGF from hemoglobin, conjugated bilirubin, and triglyceride. The VEGF concentrations in serum samples donated by normal people and patients with hepatocellular carcinoma or colorectal cancer are detected. A clear difference in VEGF concentrations between these two groups is found. These results reveal the feasibility of applying nanomagnetically labeled immunoassay to clinics.