The emergence of bispecific antibodies (BsAbs) represents a groundbreaking advancement in oncological therapeutics, offering innovative approaches for precision cancer immunotherapy. These specialized antibodies are engineered to bind simultaneously to two distinct antigens, thereby facilitating dual-targeting strategies that enhance therapeutic precision and efficacy. This dual engagement not only improves the targeting of malignant cells but also addresses limitations observed with conventional monoclonal antibodies. One of the most compelling features of BsAbs is their capacity to modulate the immune system in a more sophisticated manner. By simultaneously interacting with tumor-associated antigens and immune cell receptors, BsAbs orchestrate a more potent and directed immune response against cancer cells. This immune modulation addresses the challenge of immune evasion employed by tumors, potentially leading to improved therapeutic outcomes. Enhanced tumor selectivity is another significant advantage of bispecific antibodies. By directing therapeutic activity towards specific tumor antigens, BsAbs minimize off-target effects and reduce collateral damage to normal tissues, thereby improving the safety and efficacy profiles of cancer treatments. This selectivity is further refined by cutting-edge linker technologies that optimize the stability, pharmacokinetics, and overall performance of BsAbs. The dynamic nature of the adaptive immune engagement enabled by BsAbs facilitates interactions with various immune system components, including T cells and natural killer (NK) cells. This review delves into the innovative landscape of bispecific antibodies in oncology, emphasizing their dual-targeting capabilities, immune modulation, and tumor selectivity, and the role of advanced linker technologies. By examining these advancements, this review aims to illuminate the transformative potential of BsAbs in advancing precision cancer immunotherapy and improving patient outcomes.