This article discusses about magnetic nanoparticles, their physicochemical properties various applications in medicinal sectors and technology advancements. Superparamagnetic, high magnetic susceptibility, non-toxicity, and biocompatibility and less Curie temperature are critical characteristics of magnetic nanoparticles which make them suitable for assorted medical applications. Now a day's magnetic particles play a significant role in diverse technological areas with potential applications in fields such as electronics, energy biomedicine and diagnosis. Magnetic nanoparticles have been a vivacious topic of extreme research for the last fifty years due to its top-down approaches. The perspective of magnetic nanoparticles stems from the fundamental characteristics of their magnetic cores collective with their drug loading capability, biochemical properties. This article review the modern advancement of magnetic nanoparticles for drug delivery, focusing chiefly on the impending applications like targeted drug delivery, bioseparation, magnetic resonance and cancer diagnosis, induction of hyperthermia, induction of hyperthermia, nanorobotic agents, tissue engineering, artificial muscle, magnetically activated polymers, controlled tissue assembly, control cell function, bone regeneration scaffold, destruction of blood clots, labeling stem cells with magnetic nanoparticles, implant-assisted intrathecal magnetic drug targeting, biodegradable magnetic nano-composite stent, local drug delivery etc.