Luminescent magnetic particles (LuMaPs) are attractive tools for life science applications such as multimodal imaging, analyte monitoring, nanotherapeutics, and combinations thereof. LuMaPs consist of at least one magnetic and one luminescent component which often are incorporated in a (polymeric) matrix. A large variety of materials do exist for the components that make up LuMaPs. However, a smart selection and combination is required for achieving useful tools. While the magnetic component mainly influences the response to a magnetic field, the luminophore can act as label, sensor, or therapeutic agent. The matrix fulfills tasks such as stabilizing the luminophore and magnet, carrying useful functional groups on its surface, or hosting smart drug delivery systems. Surface modifications with targeting ligands can further improve the applicability of LuMaPs, for example in biomedicine. This review provides an overview on LuMaPs with respect to the materials used and to its structures. Routes toward LuMaPs are outlined, and potential applications are discussed.