With the rapid development of micro/nanomanufacturing technology, a variety of multifunctional micro/nanorobots have emerged. In particular, magnetic actuation-based micro/nanorobots have attracted much interest due to their advantages of untethered contact, remote control, noninvasiveness, and high tissue-penetrating capability. Various magnetic micro/nanorobots have been designed and applied in biomedicine, which indicates the great potential of clinical transformation. This article reviews the new advancements of engineering magnetic micro/nanorobots for versatile biomedical applications, ranging from targeted delivery, minimally invasive surgery, cellular and intracellular measurement, and intelligent sensing to detoxification and antibacterial applications. The controllability, visualization, and biosafety aspects of magnetically manipulated micro/nanorobots are summarized. In particular, the challenges being faced are discussed to outlook future prospective development.