Nanotechnology holds promise for cancer screening, chemotherapy, cancer diagnosis, and the creation of combination products such as theranostics. Significant research funding is currently devoted to research in nanomedicine, providing opportunities for scientific advances and new products. Even so, there are substantial challenges to overcome in clinical research as well as translational science hurdles. The goal of the workshop was to describe nanomedicine and its potential risks and benefits, and well as to discuss the current state of standards and regulation for nanomedicine in oncology.