Droplets and bubbles have a wide range of applications in industry, agriculture, and daily life, and their controllable manipulation is of significant scientific and technological importance. Versatile magnetically responsive manipulation strategies have been developed to achieve precise control over droplets and bubbles. To manipulate nonmagnetic droplets or bubbles with magnetic fields, the presence of magnetic medium is indispensable. Magnetic additives can be added to the surface or interior of droplets and bubbles, allowing for on‐demand manipulation by direct magnetic actuation. Alternatively, magnetically responsive elastomer substrates can be used to actuate droplets and bubbles by controlling the deformation of microstructures on the substrates through magnetic stimulation. Another strategy is based on untethered magnetic devices, which enables free mobility, facilitating versatile manipulation of droplets and bubbles in a flexible manner. This paper reviews the advances in magnetically responsive manipulation strategies from the perspective of droplets and bubbles. An overview of the different classes of magnetic medium, along with their respective corresponding droplet/bubble manipulation methods and principles, is first introduced. Then, the applications of droplet/bubble manipulation in biomedicine, microchemistry, and other fields are presented. Finally, the remaining challenges and future opportunities related to regulating droplet/bubble behavior using magnetic fields are discussed.