Magnetite is a well-known material, with the impregnation of transition metals onto its surface being a very old protocol for preparing catalysts. However, only recently, the combination of both, magnetite and impregnation protocols, have been recognized as a powerful methodology to prepare catalysts. The impregnation protocol, of nearly all transition metals in the magnetite surface, has rendered the first generation of catalysts. These simple catalysts have been used in a very broad range of organic transformations. Thus, simple imine derivative formation or unknown reactions such as the direct cross β-alkylation of primary alcohols, through dehydrogenation, oxidation, addition, hydrogen autotransfer and multicomponent reactions has been accomplished using these catalysts. In most cases, these catalysts could be just isolated by magnetic decantation and reused several times without a detrimental effect on the initial results. In some cases, the study of the surface of the catalyst by means of several surface characterization techniques has permitted to determine the real species involved in the process and their structural changes within the reaction cycles. Furthermore, the post-modification of the catalysts by reduction or oxidation of the immobilized metal, or by the addition of ligands, has enlarged the applicability of this type of catalysts.