Recently discovered multiferroic nanoparticles (MFNs) known as magnetoelectric nanoparticles (MENs) promise to revolutionize next-generation biomedical diagnostic techniques and enable rapid and cost-effective screening of lethal diseases. Due to the quantum-mechanically caused intrinsic magnetoelectric (ME) effect, these nanoparticles display strongly coupled magnetic and electric moments and thus provide a unique pathway to monitor and optionally control intrinsic characteristics of bio organisms via application of external magnetic fields. Due to the ME effect, when placed in the microenvironment of a biomolecular sample, MENs’ magnetic properties change to reflect the molecular nature of the sample. Such an unprecedented intrinsic connection to cells and microorganism’s intrinsic characteristics can pave a way to a new diagnostic paradigm. A novel concept of portable biomolecular screening device based on continuous wave nuclear magnetic resonance is being studied to identify microorganisms like bacteria, virus and cancer cell lines. For the first time, MENs have been used to modify NMR spectra and thus enable identification of different cancer cell lines from each other as well as from their normal counterparts at the sub-cellular level. This approach can be used for both in vitro and in vivo diagnostics. In addition, blood samples of Pulmonary Arterial Hypertension (PAH) patients with severe heart and lung conditions were used to study the activity of MENs with prothrombin, the clotting factor of the blood. MENs has significant interaction with prothrombin. MENS can be used for diagnostics of several diseases associated with blood and cancer and it may be used as a therapeutic agent. The experiment proved that the MENs are safe and nontoxic carriers of therapeutic drugs.