Magnetically modified yeast cells represent an interesting type of biocomposite material, applicable in various areas of bioanalysis, biotechnology and environmental technology. In this review, typical examples of magnetic modifications of yeast cells of the genera Saccharomyces, Kluyveromyces, Rhodotorula and Yarrowia are presented, as well as their possible applications as biocatalysts, active part of biosensors and biosorbents for the separation of organic xenobiotics, heavy metal ions and radionuclides.