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Smart hydrogels that respond to magnetic field have attracted increasing interest in recent years. This is as a result of their numerous potential applications such as tunable delivery vehicles, magnetic resonance imaging (MRI) contrast agents and magnetic-heat therapy, etc. In this review, we summarize the methods for preparing magnetic hydrogels. Then we give an overview of magnetic hydrogels with various applications. Finally, the current limitations in the preparation and application of magnetic hydrogels will be discussed and the perspectives will be proposed for next generation of hydrogels.