In recent years, magnetic nanoparticles (MNPs) have gained increasing attention as versatile carriers because of their unique magnetic properties, biocatalytic functionalities, and capabilities to work at the cellular and molecular level of biological interactions. Moreover, owing to their exceptional functional properties, such as large surface area, large surface-to-volume ratio, and mobility and high mass transference, MNPs have been employed in several applications in different sectors such as supporting matrices for enzymes immobilization and controlled release of drugs in biomedicine. Unlike non-magnetic carriers, MNPs can be easily separated and recovered using an external magnetic field. In addition to their biocompatible microenvironment, the application of MNPs represents a remarkable green chemistry approach. Herein, we focused on state-of-the-art two majorly studied perspectives of MNPs as versatile carriers for (1) matrices for enzymes immobilization, and (2) matrices for controlled drug delivery. Specifically, from the applied perspectives of magnetic nanoparticles, a series of different applications with suitable examples are discussed in detail. The second half is focused on different metal-based magnetic nanoparticles and their exploitation for biomedical purposes.