Heterogeneous photocatalysis premised on advanced oxidation processes has witnessed a broad application perspective, including water purification and environmental remediation. In particular, the graphitic carbon nitride (g-C3N4), an earth-abundant metal-free conjugated polymer, has acquired extensive application scope and interdisciplinary consideration owing to its outstanding structural and physicochemical properties. However, several issues such as the high recombination rate of the photo-generated electron–hole pairs, smaller specific surface area, and lower electrical conductivity curtail the catalytic efficacy of bulk g-C3N4. Another challenging task is separating the catalyst from the reaction medium, limiting their reusability and practical applications. Therefore, several methodologies are adopted strategically to tackle these issues. Attention is being paid, especially to the magnetic nanocomposites (NCs) based catalysts to enhance efficiency and proficient reusability property. This review summarizes the latest progress related to the design and development of magnetic g-C3N4-based NCs and their utilization in photocatalytic systems. The usefulness of the semiconductor heterojunctions on the catalytic activity, working mechanism, and degradation of pollutants are discussed in detail. The major challenges and prospects of using magnetic g-C3N4-based NCs for photocatalytic applications are highlighted in this report.