Ferrofluids (FFs) constitute a type of tunable magnetic material, formed by magnetic nanoparticles suspended in a liquid carrier. The astonishing magnetic properties of these materials and their liquid nature have led to their extended use in different applications, including fields such as magnetochemistry, optics, and biomedicine, among others. Recently, FFs have been incorporated as extractant materials in magnetic-driven analytical sample preparation procedures, thus, permitting the development of different applications. FF-based extraction takes advantage of both the magnetic susceptibility of the nanoparticles and the properties of the liquid carrier, which are responsible for a wide variety of interactions with analytes and ultimately are a key factor in achieving better extraction performance. This review article classifies existing FFs in terms of the solvent used as a carrier (organic solvents, water, ionic liquids, deep eutectic solvents, and supramolecular solvents) while overviewing the most relevant analytical applications in the last decade.