Stem cells possess unlimited self-renewal properties and the ability to produce multiple differentiation progenitors. Mesenchymal stem cells (MSCs) can specifically migrate to multiple kinds of tumors and their metastases in a systemic manner(to all parts of the body). Therefore genetically modified MSCs can serve as vehicle of anticancer factors to inhibit growth of tumor. But many questions remain to be answered and the precise mechanisms remain unclear. This paper reviews the mechanism of MSC homing, MSCs as delivery vectors for cancer therapy and its advantages over traditional drug vehicle. MSCs as delivery vectors can be used for cellular therapy in future cancer treatment.