Preparation, properties, and applications of magnetic-graphene-based nanocomposites are reviewed. Graphene magnetic nanocomposites include those on the basis of elemental metals (Fe, Co, Ni), magnetic nanoclusters, various morphological forms of iron oxides (Fe 2 O 3 , Fe 3 O 4), ferrites MFe 2 O 4 , 3D graphene aerogels@hierarchical Fe 3 O 4 nanoclusters, single-molecule magnets like TbPc 2 (Pc: phthalocyanine), other organometallic-containing composites (benzene-metal-graphene), as well as polycomponent nanocomposites such as Ag/Fe 3 O 4 /G (G: graphene), Fe 3 O 4 /CdS/G, or FePc/Fe 3 O 4 /GO (GO: graphene oxide), among others. Their available synthesis methods consist commonly of hydrothermal and solvothermal techniques, sol-gel autocombustion, sonoelectrochemical polymerization, thermal expansion and thermal reduction, microwave-assisted technique, and covalent bonding chemical methods. Their current and potential applications are distinct devices, in particular for colorimetric detection of glucose, construction materials, analytical, sensor and biosensor applications, environmental remediation, compounds with antibacterial properties, catalysis and photocatalysis, biological imaging, oil absorption, etc.