Iron oxide magnetic nanomaterials are among the most widely used nanomaterials in nanomedicine. Due to their magnetic and structural properties, iron oxide magnetic nanotubes are extremely attractive for biomedical applications. This paper presents the synthesis of iron oxide magnetic nanotubes, and their potential applications in drug delivery. Three types of iron oxide magnetic nanotubes, i.e., hematite, maghemite, and magnetite, were synthesized using template and hydrothermal methods, and the effects of synthesis methods on the morphological and crystalline properties of the synthesized magnetic nanotubes were analyzed. The magnetization properties of the three types of synthesized magnetic nanotubes and their responses to external magnetic fields were studied. To explore their applications in drug delivery, the drug loading and release capabilities of the synthesized magnetic nanotubes were investigated. The final part of this paper discusses several important issues related to the applications of iron oxide magnetic nanotubes for drug delivery, especially the controlled release of drugs.