Covalent organic frameworks (COFs) with high specific surface area, tailored structure, easy functionalization, and excellent chemical stability have been extensively exploited as fantastic materials in various fields. However, in most cases, COFs prepared in powder form suffer from the disadvantages of tedious operation, strong tendency to agglomerate, and poor recyclability, greatly limiting their practical application in environmental remediation. To tackle these issues, the fabrication of magnetic COFs (MCOFs) has attracted tremendous attention. In this review, several reliable strategies for the fabrication of MCOFs are summarized. In addition, the recent application of MCOFs as outstanding adsorbents for the removal of contaminants including toxic metal ions, dyes, pharmaceuticals and personal care products, and other organic pollutants is discussed. Moreover, in‐depth discussions regarding the structural parameters affecting the practical potential of MCOFs are highlighted in detail. Finally, the current challenges and future prospects of MCOFs in this field are provided with the expectation to boost their practical application.