Flexible magnetic devices, i.e., magnetic devices fabricated on flexible substrates, are very attractive in application of detecting magnetic field in arbitrary surface, non-contact actuators, and microwave devices due to the stretchable, biocompatible, light-weight, portable, and low cost properties. Flexible magnetic films are essential for the realization of various functionalities of flexible magnetic devices. To give a comprehensive understanding for flexible magnetic films and related devices, we have reviewed recent advances in the studies of flexible magnetic films including fabrication methods, magnetic and transport properties of flexible magnetic films, and their applications in magnetic sensors, actuators, and microwave devices. Three typical methods were introduced to prepare the flexible magnetic films.Stretching or bending the flexible magnetic films offers a good way to apply mechanical strain on magnetic films, so that magnetic anisotropy, exchanged bias, coercivity, and magnetoresistance can be effectively manipulated. Finally, a series of examples were shown to demonstrate the great potential of flexible magnetic films for future applications.