Magnetic ionic liquids (MILs) are a subclass of ionic liquids that exhibit paramagnetic properties intrinsically, without the need for additional magnetic particles. These properties can be attributed to the cations, anions, or both. Typically, MILs incorporate transition or inner‐transition metals within the anion structure. These adaptable liquids demonstrate remarkable physicochemical properties, notably a robust response to external magnetic fields. The body of research concerning the synthesis, characterization, and practical applications of MILs has expanded swiftly in recent times. This review delves into the latest research on the synthesis, properties, and utilization of MILs across various domains, including catalysis, fluid‐fluid separation, polymer science, and analytical chemistry. Within the realm of analytical chemistry, MILs are pivotal, serving as solvents in various analytical procedures such as dispersive liquid‐liquid micro‐extraction, matrix solid‐phase dispersion, and single‐drop micro‐extraction. Owing to their paramagnetic nature, MILs are instrumental in the separation process, streamlining organic reactions by obviating the need for traditional extraction or centrifugation steps.