The noncontact heating technology of IH targets heat directly where it is needed through the electromagnetic energy adsorption and conversion of magnetic materials. Unlike conventional heating methods, the heat generated by electromagnetic induction of magnetic materials can be applied directly into the reactor without heating the entire device; this new heating method is not only more energy efficient but also safer, cleaner and more sustainable if renewable electricity is adopted; moreover, magnetic catalysts can be recovered and reused by separating chemical reactants and products from the catalyst by the application of a magnetic field, and it can provide the required heat source for the reaction without altering its catalytic properties. Magnetic catalysts with an electric field have been applied to some industrial areas, such as the preparation of new materials, catalytic oxidation reactions, and high-temperature heat absorption reactions. It is a trend that is used in the hydrogen production process, especially the endothermic steam reforming process. Therefore, in this paper, the heat release mechanism, properties, preparation methods and the application of magnetic catalysts were presented. Highlights of the application and performance of magnetic catalysts in the hydrogen production area were also discussed.