The usage of iron oxide nanoparticles for medical applications is also common. The FDA has given Ferumoxytol permission to treat anemia in CKD patients. Due to their tiny size and built-in imaging capability, iron oxide nanoparticles are excellent candidates for Theranostics applications. In this regard, several preliminary clinical proof-of-concept investigations have already been carried out. Among them is the application of ferumoxytol as an additional diagnostic tool in tumor-specific Nano therapeutic settings. Numerous Theranostics iron oxide-based nanoparticles have been created and put through testing for use in drug delivery, particularly for cancer, and are frequently paired with magnetic drug targeting or magnetic fluid hyperthermia. Microbubbles containing iron oxide nanoparticles can assist in gathering important data on the efficacy of sonoporation, which has the potential to improve medicine delivery to malignancies and the brain. Iron oxide nanoparticles are also frequently used in Theranostics settings in regenerative medicine. Today, scaffold materials are commonly labeled with iron oxide nanoparticles in addition to stem cell tracking, which is already done in the clinic. This enables longitudinal monitoring of their performance and function as well as visualizing tissue engineering implants before, during, and after implantation. Overall, the use of iron oxide nanoparticles for biomedical purposes appears to have a bright and promising future. The medical image processing and repository strategies that have been discussed in the literature are reviewed in this work as a tutorial.