Cancer remains a leading cause of mortality worldwide, and conventional treatments continue to face challenges related to drug resistance, adverse effects, and limited therapeutic efficacy. Drug repurposing has emerged as a promising strategy for identifying alternative anticancer agents using existing medications. This review aimed to evaluate the potential anticancer effects and mechanisms of action of albendazole and ivermectin, two anthelmintic drugs traditionally used to treat parasitic infections. A narrative literature review was conducted using PubMed, Google Scholar, and Elsevier databases to identify relevant studies published between 2020 and 2025. Studies investigating the anticancer effects of anthelmintic agents in clinical or preclinical settings were considered, and 15 studies were included in the synthesis. The extracted data covered cancer types, experimental models, treatment concentrations, exposure durations, half-maximal inhibitory concentration (IC₅₀), anticancer outcomes, and proposed mechanisms. The findings indicated that albendazole demonstrated antiproliferative activity against colorectal, gastric, breast, prostate, melanoma, and cervical cancer models. Its proposed mechanisms included G2/M cell cycle arrest, apoptosis induction, increased reactive oxygen species, and inhibition of angiogenesis and metastasis. Ivermectin exhibited anticancer effects across several cancer models, including colorectal, osteosarcoma, urothelial, breast, esophageal, and prostate cancers. Its mechanisms involved oxidative stress, mitochondrial dysfunction, DNA damage, apoptosis, and modulation of the tumor microenvironment through increased T-cell infiltration and reduced immunosuppressive activity. Both agents also demonstrated potential synergistic effects when combined with selected chemotherapeutic drugs or immune checkpoint inhibitors. However, IC₅₀ values varied according to cancer cell type, drug concentration, and treatment duration. In conclusion, albendazole and ivermectin represent promising candidates for further investigation through drug repurposing. Nevertheless, the available evidence remains predominantly preclinical, and well-designed clinical trials are necessary to establish their safety, optimal dosage, pharmacokinetics, drug interactions, and therapeutic efficacy in cancer patients.