This paper presents a comprehensive state-of-the-art review of magnetic negative stiffness (MNS) devices in the realm of vibration isolation systems, spanning from foundational theoretical models to practical engineering applications. The emergence of MNS technology represents a significant advancement in the field of vibration isolation, introducing a method capable of achieving near-zero stiffness to effectively attenuate low-frequency vibration. Through a systematic exploration of the evolution of vibration isolation methodologies—encompassing passive, active, and hybrid techniques—this article elucidates the underlying principles of quasi-zero stiffness (QZS) and investigates various configurations of MNS isolators, such as the linear spring, bending beam, level spring-link, and cam-roller designs. Our comprehensive analysis extends to the optimization and application of these isolators across diverse engineering domains, highlighting their pivotal role in enhancing the isolation efficiency against low-frequency vibrations. By integrating experimental validations with theoretical insights, this study underscores the transformative potential of MNS devices in redefining vibration isolation capabilities, particularly in expanding the isolation frequency band while preserving the load-bearing capacities. As the authors of this review, not only are the current advancements within MNS device research cataloged but also future trajectories are projected, advocating for continued innovation and tailored designs to fully exploit the advantages of MNS technology in specialized vibration isolation scenarios.