Magnetic nanoparticles (MNPs) are a well explored class of nanomaterials, known for their high magnetization and biocompatibility thus finding their way in several biomedical applications viz., drug delivery, magnetic resonance imaging contrast agent, immunoassay, detoxification of biological fluids and cell separation, biosensing and hyperthermia. On other hand, dendrimers are a class of hyperbranched, mostly symmetrical polymers that originate from a central core with repetitive branching units, called monomers, thus forming a globular structure. Due to their structural properties and controlled size, dendrimers have emerged as an attractive material for biomedical applications particularly as carriers for therapeutic cargo. Of late, researchers have started attempting to combine the unique features of dendrimer chemistry with the versatile magnetic nanoparticles to provide a facile platform for enhanced therapeutics and biomedical applications. This review intends to present the advances made towards fabrication of dendrimer based magnetic nanoparticles with varied surface architecture and their contribution towards theranostics, particularly for cancer.