Bio-effects mediated by non-ionizing electromagnetic fields (EMF) have become a hot topic of research in the last decades. This interest has been triggered by a growing public concern about the rapid expansion of telecommunication devices and possible consequences of their use on human health. Despite a feasibility study of potential negative impacts, the therapeutic advantages of EMF could be effectively harnessed for the treatment of cancer and other diseases. This review aims to examine recent findings relating to the mechanisms of action underlying the bio-effects induced by non-ionizing EMF. The potential of non-thermal and thermal effects is discussed in the context of possible applications for the induction of apoptosis, formation of reactive oxygen species, and increase of membrane permeability in malignant cells. A special emphasis has been put on the combination of EMF with magnetic nano-particles and ultrasound for cancer treatment. The review encompasses both human and animal studies.