Phototherapy and ferroptosis are emerging cancer treatment strategies that have gained significant attention in recent years. They have the potential to inhibit tumor growth when used alone, but there are still limitations to achieving efficient treatment. Phototherapy comprises of photothermal therapy (PTT) and photodynamic therapy (PDT). The combination of phototherapy with ferroptosis highlights the close relationship between the treatment of various types of cancer. Studies have shown that combining phototherapy and ferroptosis can eliminate invasive malignant tumors that are resistant to traditional therapies. This combination therapy overcomes the limitations of single treatment and integrates the respective advantages of the individual treatments. For example, the hypoxia problem in PDT can be solved by converting H2O2 into O2 during ferroptosis, and PTT can enhance the uptake of therapeutic drugs by cancer cells, thereby reducing the required drug dose. In this review, we first highlight the therapeutic mechanisms of different cancers and the necessity of ferroptosis combined with phototherapy in cancer treatment. Then, the related design strategies of PTT and/or PDT combined with ferroptosis to enhance cancer treatment were highlighted. Finally, the conclusions and future research directions in perspective of various challenges in developing phototherapy and ferroptosis combined therapy into clinical therapeutics are discussed.