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Magnetic Resonance Imaging (MRI) is now a widely used modality for providing multimodal, high-quality soft tissue contrast images with good spatiotemporal resolution but without subjecting patients to ionizing radiation. In addition to its diagnostic potential, its future theranostic value lies in its ability to provide MRI-guided robot intervention with combined structural and functional mapping, as well as integrated instrument localization, target recognition, and in situ, in vivo monitoring of the therapeutic efficacy. Areas of current applications include neurosurgery, breast biopsy, cardiovascular intervention, prostate biopsy and radiotherapy. Emerging applications in targeted drug delivery and MRI-guided chemoembolization are also being pursued. Whilst promising progress has been made in recent years, there are still significant basic science research and engineering challenges. This paper provides a comprehensive review of the current state-of-the-art in MRI-guided robot intervention and allied technologies in actuation, sensing, new materials, interventional instruments, and interactive/real-time MRI. Potential future research directions and new clinical developments are also discussed.