Nanotheranostics combine therapeutic and imaging functions in a nanocarrier. This can be achieved by the incorporation of specific therapeutic and imaging agents into a nanoparticle, or can be a result of the innate properties of the material, or a combination of the two. Targeting molecules (such as small ligands, peptides, aptamers, antibodies and fragments of antibodies) can be incorporated into a nanoparticle to enhance the recognition of specific cellular and subcellular targets. It is also possible to use materials with the ability to specifically recognize the diseased tissue. Moreover, nanotheranostics can be designed to be activated by endogenous and exogenous stimuli. Compared to molecular agents and nanomedicines, nanotheranostics offer several advantages, including patient stratification, ‘on command’ activation and enhanced therapeutic efficacy.