As iron-bearing minerals-ferrimagnetic minerals in particular-are sensitive to stress, temperature, and presence of fluids in fault zones, their magnetic properties provide valuable insights into physical and chemical processes affecting fault rocks. Here, we review the advances made in magnetic studies of fault rocks in the past three decades. We provide a synthesis of the mechanisms that account for the magnetic changes in fault rocks and insights gained from magnetic research. We also integrate nonmagnetic approaches in the evaluation of the magnetic properties of fault rocks. Magnetic analysis unveils microscopic processes operating in the fault zones such as frictional heating, energy dissipation, and fluid percolation that are otherwise difficult to constrain. This makes magnetic properties suited as a "strain indicator," a "geothermometer," and a "fluid tracer" in fault zones. However, a full understanding of faulting-induced magnetic changes has not been accomplished yet. Future research should focus on detailed magnetic property analysis of fault zones including magnetic microscanning and magnetic fabric analysis. To calibrate the observations on natural fault zones, laboratory experiments should be carried out that enable to extract the exact physicochemical conditions that led to a certain magnetic signature. Potential avenues could include (1) magnetic investigations on natural and synthetic fault rocks after friction experiments, (2) laboratory simulation of fault fluid percolation, (3) paleomagnetic analysis of postkinematic remanence components associated with faulting processes, and (4) synergy of interdisciplinary approaches in mineral-magnetic studies. This would help to place our understanding of the microphysics of faulting on a much stronger footing. Plain Language Summary The Earth's surface is riddled with faults that largely contribute to landscape evolution and human activities. Some of these faults produce earthquakes of different magnitudes including some with catastrophic consequences. Understanding faulting mechanisms benefits society when predictions about rupture are made. Fault zones preserve an excellent record of chemical and physical processes involved in failure. Among other analytical methods, magnetic studies prove to be an emergent and untapped source of information on these processes. These methods, focused on prefaulting, synfaulting, and postfaulting mineral changes, have resulted in significant advances in our understanding of the conditions of faulting. In this review, we present an extensive account of the state of knowledge and highlight current challenges and future avenues of fault magnetism research.