Simple Summary: The International Agency for Research on Cancer (IARC) projects that by 2040, the global incidence of cancer would reach 27.5 million new cases. The current primary modalities of cancer treatment encompass surgery, radiation, and chemotherapy, which can harm normal tissues or fail to fully eliminate cancer. Nanomaterials make it easier to keep an eye on surgeries that remove tumors, deliver chemotherapy directly and selectively to cancer cells and neoplasms, and make radiation therapy more effective. It mitigates the risk and enhances the survival of cancer patients. This review aims to consolidate various metal peroxide nanomaterials utilized in cancer treatment with a special emphasis on metal peroxide nanoparticle surface modification for enhancing the efficacy of nanomaterials in tumor microenvironment. Researchers can acquire knowledge regarding metal peroxide nanoparticle types, their mechanisms of action, and their contributions to existing cancer medicines for enhanced cancer management. Background: The significant expansion of nanobiotechnology and nanomedicine has led to the development of innovative and effective techniques to combat various pathogens, demonstrating promising results with fewer adverse effects. Metal peroxide nanoparticles stand out among the crucial yet often overlooked types of nanomaterials, including metals. These nanoparticles are key in producing oxygen (O2) and hydrogen peroxide (H2O2) through simple chemical reactions, which are vital in treating various diseases. These compounds play a crucial role in boosting the effectiveness of different treatment methods and also possess unique properties due to the addition of metal ions. Methods: This review discusses and analyzes some of the most common metal peroxide nanoparticles, including copper peroxide (CuO2), calcium peroxide (CaO2), magnesium peroxide (MgO2), zinc peroxide (ZnO2), barium peroxide (BaO2), and titanium peroxide (TiOx) nanosystems. These nanosystems, characterized by their greater potential and treatment efficiency, are primarily needed in nanomedicine to combat various harmful pathogens. Researchers have extensively studied the effects of these peroxides in various treatments, such as catalytic nanotherapeutics, photodynamic therapy, radiation therapy, and some combination therapies. The tumor microenvironment (TME) is particularly unique, making the impact of nanomedicine less effective or even null. The presence of high levels of reactive oxygen species (ROS), hypoxia, low pH, and high glutathione levels makes them competitive against nanomedicine. Controlling the TME is a promising approach to combating cancer. Results: Metal peroxides with low biodegradability, toxicity, and side effects could reduce their effectiveness in treating the TME. It is important to consider the distribution of metal peroxides to effectively target cancer cells while avoiding harm to nearby normal cells. As a result, modifying the surface of metal peroxides is a key strategy to enhance their delivery to the TME, thereby improving their therapeutic benefits. Conclusions: This review discussed the various aspects of the TME and the importance of modifying the surface of metal peroxides to enhance their therapeutic advantages against cancer, as well as address safety concerns. Additionally, this review covered the current challenges in translating basic research findings into clinical applications of therapies based on metal peroxide nanoparticles. [ABSTRACT FROM AUTHOR]