Since the triboelectric nanogenerator (TENG) was invented, it has received extensive attention from researchers. Among the many pieces of research based on TENG, the research of hybridized generators is progressing rapidly. In recent years, the research and application of the electromagnetic–triboelectric hybridized nanogenerator (EMG-TENG) have made great progress. This review mainly focuses on the latest research development of EMG-TENG and elaborates on the principles, materials, structure, and applications of EMG-TENG. In this paper, the microscopic charge transfer mechanism of TENG is explained by the most primitive friction electrification phenomenon and electrostatic induction phenomenon. The commonly used materials for fabricating TENG and the selection and modification methods of the materials are introduced. According to the difference in structure, EMG-TENG is divided into two categories: vibratory EMG-TENG and rotating EMG-TENG. The summary explains the application of EMG-TENG, including the energy supply and self-powered system of small electronic devices, EMG-TENG as a sensor, and EMG-TENG in wearable devices. Finally, based on summarizing previous studies, the author puts forward new views on the development direction of EMG-TENG.