Abstract“Smart” hydrogels are part of an emerging class of biomaterials that respond to multiple external stimuli. A range of thermoresponsive magnetic hydrogels is currently being developed for on‐demand delivery of biomolecules for a range of biomedical applications, including therapeutic drug delivery, bioimaging, and regenerative engineering. In this review article, we explore different types of magnetic nanoparticles and thermoresponsive polymers used to fabricate these smart nanoengineered hydrogels. We highlight some of the emerging applications of these stimuli‐responsive hydrogels for biomedical applications. Finally, we capture the growing trend of these smart nanoengineered hydrogels and will identify promising new research directions.